CEE Bonds
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A successful trade is 'pretty vital' for other Turkish banks planning to issue -
Investors are keen for new issues, but they will be more selective than earlier in the year
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Česká spořitelna's successful trade last week will help other CEE bank issuers
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Investors feared the worst, but Erdoğan has performed a volte-face since winning in May
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At least four CEE banks are preparing new bond issuance in the next few weeks
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Investors like the spread the Czech bank offers to similarly rated peers in western Europe
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Erdogan has shown that he is willing to listen to foreign investors, but they must act
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CEE bank bonds have done well in secondary since the last bout of supply in June
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CEE sovereign has already met its needs for this year via January’s dollar bond and a private placement
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Nearly $15bn of Turkish bank and corporate bonds have matured since 2021, with next to no new issuance
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Energy company blamed the government for its default last year
