Central and Eastern Europe (CEE)

The Russian Federation and the Republic of Hungary brought euro-denominated trades on Thursday, taking the opportunity to get funding done during good conditions in the run-up to the US Thanksgiving holiday, after which liquidity is expected to dry up.

Russian equity capital market bankers are preparing to reactivate the country’s IPO scene with a number of deals lined up for next spring, though some may even be priced this year.

Canal+ Polska, the Polish satellite TV network, has pulled its IPO on the Warsaw Stock Exchange, despite the strong momentum behind emerging market equities.

A $204m-equivalent trade in Turkcell, the Turkish mobile telephone operator, reopened Turkish equity capital markets on Monday evening, taking advantage of a boost in the country’s currency following the resignation of its finance minister and dismissal of its central bank governor over the weekiend.

Ukraine is expected to return to international bond markets as concerns mount around the impact the country’s lack of progress with anti-corruption reforms will have on an upcoming IMF disbursement.

The shock departure this weekend of Turkey’s central bank governor and finance minister has sparked hopes among market watchers that a monetary policy overhaul could be on the cards, as the lira made a modest recovery on Monday. The news follows what has been a tumultuous period for the currency, which this month hit record lows.

Russia's second largest gold producer Polymetal has raised a green loan.

The eventual result of Tuesday's US presidential election could have a monumental impact on the position of key emerging markets states like Russia and Turkey in the international arena.

Ozon, the Russian e-commerce company, has filed its initial paperwork for a US listing that could be squeezed in before the end of the year.

Donald Trump and Joe Biden each present a different set of medium-term risk factors for emerging markets if they win next week’s US presidential elections. But the US Federal Reserve’s promise to keep rates lower for longer — combined with unprecedented monetary policy support from other developed market central banks — should provide a cushion that is more relevant to EM bonds than the Oval Office’s occupant. Mariam Meskin and Oliver West report.

Samolet, the Russian real estate company, completed a Rb2.9bn ($36.6m) IPO in Moscow on Thursday, the first part of a two-stage process which the company hopes will culminate in a larger listing next year.

The Turkish lira fell to record lows against the dollar this week as investors lamented the central bank’s failure to raise interest rates amid high inflation and expressed concerns over the country’s relationship with the US.