CEE - All Articles

  • Lira hits record lows as Turkey watchers beg for rate raise

    The Turkish lira fell to record lows against the dollar this week, causing investors to adopt a risk off attitude. Market watchers believe now is the time for the Central Bank of Turkey to increase interest rates, which is seen as one of the only ways for the country to recover from its currency crisis.

    • 27 Oct 2020
  • Aeroflot lands equity raise with strong government support

    Russian airline Aeroflot completed its Rb80bn ($1.05bn) capital raise on Monday, aimed at repairing its balance sheet by repaying debt, with the Russian state increasing its stake in the carrier.

    • 27 Oct 2020
  • Investors embrace Mail.Ru block despite red day for markets

    Sands Capital Management, the US investment manager, sold a 1.6% stake in Russian internet services company Mail.Ru on a torrid evening for international stock markets.

    • 27 Oct 2020
  • BCS hires former Sberbank tech officer to lead IB operations

    BCS Global Markets, the investment services division of Russia’s largest independent broker, has hired Vadim Kotov as the new chief operations officer for its investment banking business.

    • 26 Oct 2020
  • Scepticism clouds Ukraine's hopes of securing IMF disbursement

    Analysts believe optimism over the likelihood of the IMF's continued disbursement of funds to Ukraine is unfounded with the country struggling to fulfil the conditions the Fund has set.

    • 26 Oct 2020
  • Two EM deals pulled in a week, but last chance market open, say investors

    Two EM bond issuers beat hasty retreats from the primary market this week. But despite the challenges the pair faced, bankers and investors believe the market is open for borrowers looking to pick up a bit of funding ahead of what is expected to be a tortuous US election. Lewis McLellan reports.

    • 22 Oct 2020
  • Ulker pulls off ‘cheeky’ five year benchmark

    Ülker Bisküvi Sanayi scored an impressive $650m with a five year benchmark on Wednesday, surprising some investors with an unexpected increase to the size.

    • 22 Oct 2020
  • Canal+ Polska launches Warsaw IPO

    Emerging market IPOs have been one of the hottest themes in EMEA equity capital markets this year and issuance is set to continue as Canal+ Polska, the Polish television network owned by French TV service Canal+, launched its IPO on Thursday.

    • 22 Oct 2020
  • Ukraine central bank strips reprimanded deputy of supervisory role

    The National Bank of Ukraine has stripped deputy governor Kateryna Rozhkova of her responsibility for banking supervision. The move follows the NBU’s official reprimand of Rozhkova and a colleague over a media interview.

    • 22 Oct 2020
  • Turkey: sovereign wealth fund pulls as biscuit maker presses on

    Ülker Bisküvi Sanayi, a Turkish biscuit manufacturer, is set to come to market for a benchmark bond on Thursday, attempting to print a deal in a market that the country’s sovereign wealth fund deemed too hostile to make its debut in.

    • 21 Oct 2020
  • Naftogaz yanked despite strong market conditions

    Naftogaz of Ukraine elected to pull its long six year benchmark bond from the market on Monday, postponing it indefinitely.

    • 20 Oct 2020
  • Naftogaz hits screens for six year benchmark

    Naftogaz announced on Monday that it was coming to market for a six year dollar benchmark — its first of the year. The initial price thoughts indicated a substantial cheapening since its last trip to the bond market in November 2019.

    • 19 Oct 2020
  • E-commerce the hot ticket in Europe’s IPO market

    E-commerce listings have been been a high point of equity issuance during the second half of 2020, with the sector generating strong returns for investors. Most of the year’s listings have been completed, but banks are already working on deals from the sector for 2021.

    • 19 Oct 2020
  • Kaspi completes IPO in a watershed moment for EM

    Kazakh fintech and e-commerce firm Kaspi began trading on the London Stock Exchange on Thursday after completing a popular IPO. The deal was a remarkable achievement and there are hopes it means future growth-orientated IPOs from the emerging and frontier markets may see similar success, writes Sam Kerr.

    • 15 Oct 2020
  • Samolet looks to take advantage of Russia’s retail investing surge

    Samolet, the Russian real estate company, has launched the first leg of a two stage listing on the Moscow stock exchange, hoping to take advantage of a surge in demand from local retail investors this year.

    • 15 Oct 2020
  • CEE covered bond laws advance

    The Baltic covered bond market is expected to take another stride forward with the advent of Latvia’s draft law, which currently is being debated in parliament. At the same time, the European Bank for Reconstruction and Development (EBRD) has been working closely with the Bulgarian, Croatian and Ukrainian authorities to help develop the basis for their own covered bond laws.

    • 13 Oct 2020
  • Kaspi grows IPO, will price at top

    Kaspi, the Kazakh fintech and e-commerce company, will price its IPO at the top of its price range. It will also grow the deal to around $1bn to meet high levels of investor demand.

    • 13 Oct 2020
  • Russia subscribes for over half of $1bn Aeroflot recap

    Aeroflot, the flag carrier of Russia, has finished the first leg of a jumbo recapitalisation backed by the Russian government, amid turmoil in the airline industry due to the Covid-19 global pandemic.

    • 12 Oct 2020
  • EM mandates hit screens ahead of issuance window closing

    Two CEEMEA issuers mandated banks to arrange investor calls on Monday, although bond issuance volumes are expected to wane in coming weeks.

    • 12 Oct 2020
  • Allegro soars 52% on day one to bring ECM cheer

    Polish e-commerce firm Allegro has soared in trading on its first day, giving a huge boost to equity capital markets after a difficult period for IPOs.

    • 12 Oct 2020
  • Turkey USD2.5bn 6.375% Oct 25

    • 08 Oct 2020
  • KazMunayGas USD750m 3.5% April 33

    • 08 Oct 2020
  • Kazakhstan's Kaspi covered on first day of London IPO

    Kaspi, the Kazakh fintech and e-commerce firm, has attracted enough orders to cover the books on its London IPO on the first day, according to sources close to the deal.

    • 08 Oct 2020
  • KazMunayGas goes for dollars after lengthy roadshow

    Kazakhstan’s state-owned oil company KazMunayGas raised a dollar bond on Wednesday, after what some investors described as a lengthy roadshow. KMG is the latest in a string of Kazakh borrowers that have come to capital markets over the last year to raise funding as investors develop an appetite for the central Asian country.

    • 08 Oct 2020
  • Turkey clinches five year bond at premium

    The Republic of Turkey on Tuesday raised a five year dollar bond that priced slightly outside of some fair value estimations. However, despite a series of negative events in recent months, including currency depreciation, investors are still keen on getting stuck into Turkish debt, investors say.

    • 07 Oct 2020
  • IPOs trade down on first day after Trump sinks markets

    Shares in two companies, listed on Wednesday, are trading below their IPO price, with bankers blaming more volatile market conditions for the disappointing moves.

    • 07 Oct 2020
  • Sovcomflot books close at bottom of the range

    Sovcomflot, the state-owned Russian shipping company, will price its IPO at Rb105 a share, the bottom of it range.

    • 06 Oct 2020
  • Bank of China supports deepening CEE-China cooperation and development in the financial industry

    • 06 Oct 2020
  • China seeks way into CEE with closer co-operation but investment remains low

    Though China has increased co-operation with Central and Eastern European nations in recent years, provoking some concern in the EU, investment volumes remain muted. Non-EU nations in the Balkans, however, offer a chance to progress on the Belt & Road initiative

    • 06 Oct 2020
  • CEE sovereigns feast on bonds but have space for more

    Central and Eastern Europe had never been better prepared for a crisis than when Covid-19 hit, and the region’s governments faced few obstacles in ramping up external bond issuance this year. But there is uncertainty regarding what EU funding will mean for CEE volumes

    • 06 Oct 2020
  • IMF agreement underpinning Ukraine prospects

    Ukraine priced a $2bn 12 year bond on July 1, tightening pricing to 7.3% yield that was inside the expectations of many market participants as the country passed a major test of international investor acceptance with flying colours.

    • 06 Oct 2020
  • EU puts CEE eyes on green but smaller sovs could struggle with green bonds

    Hungary wasted little time in turning this year’s increased external funding needs into an opportunity to expand its green bond plans. Yet though sustainability is quickly climbing the list of priorities in Central and Eastern Europe, not all countries are likely to hop on the green bond wagon

    • 06 Oct 2020
  • All eyes on elections in Romania amid pension battle

    Florin Cîțu, Romania’s finance minister, is in defiant mood as he speaks to GlobalMarkets from the campaign trail ahead of a busy election cycle. The previous day, September 22, parliament had voted to amend the budget to increase pensions by 40% — instead of the 14% increase that the National Liberal Party (PNL)-led government, which has a minority in parliament, had implemented.

    • 06 Oct 2020
  • CEE economies well placed to resist second wave risks

    Fears of another spike in coronavirus cases are dampening optimism that Central and Eastern European economies would charge out of recovery. But a strong starting position and the EU’s huge support packages mean the region is better placed than most

    • 06 Oct 2020
  • Turkey startles investors with five year bond

    The Republic of Turkey hit screens on Tuesday with a dollar bond issue, which took some investors by surprise. Though Turkey may have had a rocky few months with credit downgrades and currency depreciation, the bond is expected to be received well by investors.

    • 06 Oct 2020
  • EM bond issuers squeeze into swift closing issuance window

    Three emerging market issuers in CEEMEA mandated for trades on Monday, as market insiders said issuers are scrambling to make the most of issuance opportunities before investors take their foot off the gas.

    • 05 Oct 2020
  • Investors on board as Kaspi launches London IPO

    Kaspi IPO has officially launched its second attempt at a London listing and already built up a substantial shadow book of demand for the deal.

    • 02 Oct 2020
  • Akbank makes senior hire from Garanti

    A former director in Garanti BBVA's funding department has moved to rival lender Akbank to oversee international funding.

    • 02 Oct 2020
  • Bold banks to set first Science-Based Targets

    The long-awaited Science-Based Targets standard for financial institutions has arrived. It is one of the most ambitious attempts so far to wrest the financial sector from its path towards climate destruction.

    • 01 Oct 2020
  • Hungary’s Mol builds chemistry with investors for euros

    Hungarian oil and gas company Mol on Thursday raised a seven year bond in euros.

    • 01 Oct 2020