CEE Bonds
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There are technical reasons for such wide spreads, in particular very low liquidity -
The destruction wrought on Ukraine means it will eventually have to talk with investors about its debts, believe bondholders
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Recent new bonds from both the Middle East and CEE have held up, although liquidity is low
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CEEMEA issuers have increasingly had to rely on the local bid
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No consent fee offered for standstill
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NLB is a rare issuer, which is one reason it may have chosen to pay more than borrowers which printed bonds recently
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Investor concern over "super-high" prices some issuers are willing to pay
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Naftogaz non-payment could foreshadow a sovereign default
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Hungarian bank's deal could be the last new issue from CEE until September
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Call dates approaching on tier two debt for three borrowers
