Central and Eastern Europe (CEE)
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Fair value is about 180bp over mid-swaps says a banker on the trade -
Demand nearly four times the deal size allowed pricing to tighten sharply
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There was high book attrition, about 45%, between guidance and final pricing
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EPH tightened the spread by 30bp, something it was unable to do last year on a bond issue
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Initial pricing was one of the tightest starting points for a CEEMEA sovereign in dollars in the last 18 months
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The last senior deal beyond six years was in 2021, before Russia invaded Ukraine
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Investors were not as eager as they were on sovereign's previous few bond issues, said a lead
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A growing number of central and eastern European sovereigns are turning to dollars
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Bumper demand allowed Estonian bank to reduce the spread by 60bp
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Issuers, especially banks, drew high demand
