Central and Eastern Europe (CEE)

Oleg Mukhamedshin, deputy chief executive of Rusal, which produces 9% of the world’s aluminium, tells Mariam Meskin how the company has weathered yet another rocky period in commodity markets. And how its sustainability credentials have been affected by oil spills at its affiliate, Norilsk Nickel, in May and June.

The European Union is to impose sanctions on leading Belarusian officials after condemning the country’s presidential election as rigged. But bond investors are not in panic mode.

Hong Kong-listed Summit Ascent Holdings, an investment holding company focused on operating resorts, is planning a rights issue worth HK$1.6bn ($206m).

Domestic lenders across central and eastern Europe, often government owned, have stepped up during the coronavirus pandemic to provide substantially more funding than ever before. But international bankers still see plenty of syndicated lending opportunities in the region.

Political unrest in Belarus has thrown up difficult questions for emerging market investors, as ESG concerns rise and those who would buy still not seeing an attractive opportunity to do so.

Local lenders in central and eastern Europe have stepped up for local clients during the coronavirus pandemic. Structural factors will help them fortify their position against international banks should infections rise again.

A tumultuous week in Turkish currency markets ended with the lira hitting new lows against the dollar and the Central Bank of the Republic of Turkey finally taking action to try and calm volatility. Amid such swings, a sovereign bond issue looks unlikely.

Akbank, one of Turkey’s largest financial institutions, has raised a green bond, the first of its kind from the country since the Covid-19 pandemic began.

Turkey continued to teeter on the brink of a currency crisis this week, as the lira went on another rollercoaster ride and touched a record low.

The Ukrainian Exchange is reviving its FX futures market, two years after authorities shut down its trading software system.

Polish oil refiner and petrol retailer PKN Orlen has raised a revolving credit facility. The Polish corporate is in the process of acquiring two fellow Polish energy corporates, as bankers predicted an uptick in M&A activity.

Less than a year ago, international investor optimism about Ukraine was high but the journey to western style reform since then has shown just how hard a road it can be to travel.