Central and Eastern Europe (CEE)

Turkey could be on track for one of the most remarkable emerging market recoveries of the year, after a shake-up of top officials signalled a return to orthodox monetary policy, inspiring confidence among investors. With the lira starting to recover from record lows, bond market insiders anticipate a new issue before the end of the year. Mariam Meskin reports.

İşbank, Turkey's largest private bank by assets, has raised a dual tranche syndicated loan, with margins that were priced "fairly" considering the country's credit risk and general market conditions, according to bankers.

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.