CEE Bonds
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Investors puzzled as CDS auction problems arise with new Russian sanctions -
Issuer could come close to wrapping up 2022 funding despite investors' ESG concerns
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Hungary joins CEE sovereign flurry
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Turkey could print in euros or add an ESG element to try and attract investors
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The missed payment will not trigger cross-default but that may not be far off
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The expiry of Ofac's Russia debt payment licence means default is likely by the end of June
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Investors see little reason to play in primary
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But a busy holiday period means borrowers may have to wait until into June to test the market
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Investors expect most demand for Lithuania's issue to be from non-EM focused accounts
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Observers expect more issuers to roadshow then decide against bringing deals
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BGK continues CEE issuance but only investment grade names have tested the water in the past week
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More liquid Latvia to be used as pricing comparable for Lithuania
