Central and Eastern Europe (CEE)
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Downgrades are looming if Romania cannot fix its sky high deficit -
The bank may tap demand from investors facing falling sovereign issuance
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A bond in the same format last year from another Czech bank was a hit with investors
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Country is trying to reduce its bloated deficit, but political instability is complicating efforts
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◆ Both banks issue their second ever euro deals in respective asset classes ◆ SBAB prints much tighter but also ends up with lower oversubscription ◆ Higher spread pick-up on the Croatian deal lures buyers as issuer's credit profile improves
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Economic reform continues despite war, new governance platform is launched
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Books were more than six times the deal size
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When Energo-Pro last issued it had to offer a coupon over 10%
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Hungarian bank is set to embark on a non-deal roadshow later this month
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◆ Hungarian bank brings subordinated debut ◆ Order book allowed 50bp of spread tightening ◆ Absence of senior deals led to 'some surprise'
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New issue premium is in line with pre-tariff euro sovereign deals in CEE
