CEE Bonds
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Downgrades are looming if Romania cannot fix its sky high deficit -
The bank may tap demand from investors facing falling sovereign issuance
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A bond in the same format last year from another Czech bank was a hit with investors
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Leads hope for print with only small premium to Cez
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Country is trying to reduce its bloated deficit, but political instability is complicating efforts
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The yield and coupon were among the highest ever offered by a Turkish corporate issuer
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◆ Both banks issue their second ever euro deals in respective asset classes ◆ SBAB prints much tighter but also ends up with lower oversubscription ◆ Higher spread pick-up on the Croatian deal lures buyers as issuer's credit profile improves
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Only one Turkish company has offered a higher yield at initial price talk in the past two years
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◆ Deal lands close to fair value ◆ Demand holds firm despite 7bp spread move ◆ CEE a 'growing' market for covered bonds
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Books were more than six times the deal size
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Investors expect the sovereign to eye the sukuk market
