Central and Eastern Europe (CEE)
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The sovereign tightened 50bp from IPTs to land closer to Serbia than bankers had expected
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Scarcity value helps CEE sovereign garner large demand for a 10 year deal
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At initial pricing MVM offered about 130bp over the sovereign curve
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The country aims to raise €1.5bn in funding on international debt markets this year
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Fair value for the debut currency is in the mid-7% yield area
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Romania seeks to capitalise on the success of Hidroelectrica’s IPO last year
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At least four CEE sovereigns are preparing new bonds before the end of March
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Alongside a conventional tranche, Romania will come close to wrapping up its 2024 funding on Thursday with green sale
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The sovereign has no plans to issue ESG bonds or in new currencies
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The trade might not be the sovereign's only one of the year
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The country rarely issues more than one public bond a year