City of Prague ended a decade’s absence from the international bond market on Wednesday. It drew double the demand is needed for a €200m 10 year bond, and the reception should give names from the region some confidence, said bankers.
The issuer opened books with guidance in the 115bp-120bp over mid-swaps range for a 10 year bond on Wednesday morning. By 11am CET it had over €400m in orders and fixed the spread at 115bp.
“This is the first bond from Eastern Europe since the market volatility started