Central and Eastern Europe (CEE)

The Republic of Poland on Tuesday launched a three year euro bond, while Ukraine mandated banks for a 12 year dollar benchmark. Though bankers say the window is finally open for emerging market corporate issuance, there remains robust appetite for govvie debt.

Turkey Export-Import Bank has raised a €380m loan with a partial guarantee from the World Bank. The deal complements a successful first half of the year for Turkish lenders in capital markets, in which almost all the top tier banks have raised loans.

Emerging market investors are anticipating a wave of corporate and FIG issuance from across the CEEMEA region, which they say will be welcomed with open arms. Russian petrochemical company Sibur is the latest such borrower looking to being a new bond, hosting investor calls on Monday.

Just one week after selling $1.25bn of bonds, Belarus’s yield curve has widened as protests hit the country.

The coming months are crucial in determining how ambitious the European Union will be in decarbonising its economy to fight climate change over the next decade.

Yandex, the Russian internet company, has raised $800m through a sale of new shares to US investors and a private placement to a consortium of Russian oligarchs and VTB Bank.

Covered bonds issued by SR Boligkreditt and Vseobecna uverova banka (VUB) this week were well subscribed, reflecting the generous spreads they paid compared to deals by issuers from core Europe.

The Republic of Belarus ditched euros on its return to bond markets on Wednesday, printing two dollar tranches on which it was able to ratchet pricing tighter.

A Rb11bn ($157m) block trade in Detsky Mir, the Russian children’s retailer, won a big investor reception on Tuesday night. There are now hopes that there will be more Russian transactions in the weeks and months ahead.

State-owned Hungarian Development Bank (HDB) on Wednesday launched a euro-denominated benchmark bond. The bond marks the third entry into the market by the Hungarian sovereign or one of its entities during the coronavirus pandemic.

Caisse Francaise De Financement Local (Caffil) lost €700m of orders after deciding to price its €1bn 10 year covered bond flat to OATs on Tuesday. But in contrast Vseobecna uverova banka (VUB) was able to price comfortably inside fair value largely because its deal offered a substantial pick-up to other covered bonds.

The Republic of Belarus is taking a second run at the new issue market after its first round of marketing ran into Covid-19.