Central and Eastern Europe (CEE)
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Three trades have come in as many days -
◆ CSG's IPO and the rampant investment for defence companies ◆ Ukraine issuer back in bond market ◆ Fomo sapiens: investment bankings most joyless
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Investors proved eager to pick up the first CEE corporate bond in euros of 2026
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Attrition was high after Erste Bank Hungary squeezed the spread
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The company printed in a volatile market and secured hefty demand
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◆ Hamburg Commercial Bank prices with 0bp-1bp of NIP ◆ Crédito Agrícola attracts €2.7bn of orders for debut benchmark deal ◆ Erste Bank Hungary offers CEE pickup
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Czech defence firm priced at a discount to German competitor Rheinmetall
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Funds will go towards a tender offer for its only bond, due in April
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Books for the short-dated trade are already three times covered
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There is 'huge' interest from the private sector to investing in Ukraine, but cash will not come during the war
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Trump's verbal attacks on Nato allies and US rate volatility put issuance on ice
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CEEMEA's lower rated issuers can still access the market
