CEE Bonds
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New issuance from CEE has mostly been in dollars this year, but was well received -
The state-owned bank's deal is expected to print next week
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This would be the first new bond from a CEE energy company for over a year
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Parent's operations in Russia make this a trickier deal than other CEE banks, said one observer
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There will be more CEE issuance in June, including from an SSA issuer and corporates
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Euro market cannot compete with the pricing and size the dollar market currently offers
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Bondholders are worried about Hungary's ESG profile and further credit rating downgrades
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The high likelihood of an Erdogan victory has prompted bondholders to flee Turkey debt
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The euro market is still too rich for CEE FIG issuers, said one banker away from OTP
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Issuing in dollars allowed BGK to price 40bp inside its euro bonds
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Using the dollar market makes sense, said one banker, as US investor interest in CEE increases
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The trades drew big order books and each issuer was able to crunch pricing by tens of basis points
