CEE Bonds
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Ceske drahy and CEE issuers are ready to go, but PIF is holding back -
Not calling bonds can annoy investors but it does offer an opportunity
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Volatility forces pause for Czech railway operator
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Most indications of interest have come from domestic accounts
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Another new deal from a low triple-B issuer should encourage others in EM
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Investors were concerned earlier in the year that Romania was issuing too much
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It had hoped to raise funds off longer dated bonds but investors are too risk-averse
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The Republic of Bulgaria has tightened pricing on both tranches of its dual tranche Reg S only bond with combined books standing at over €3.8bn.
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Euro market does not offer the size or duration it used to
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Lithuania also considering returning to the US as the euro market struggles
