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Development bank's credit ratings suffered a blow after Russia's invasion of Ukraine
Books were nearly three times the issue size
◆ Higher rated Austrian lender offers more spread for similar senior preferred bond ◆ Big demand pushes deal inside fair value ◆ BCP still prints its tightest unsecured debt for more than five years
After a record 2024, Turkish corporate issuance slowed last year
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The bond market has cheered Poland's change in leadership
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New bond supply from CEE banks has been limited since January
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The sovereign priced its new bond at the tightest spread for seven years
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Investors expect issuance to keep flowing as the Fed cuts rates and inflows return
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Investor sees launch level inside fair value as Turkish bank sneaks yield into single digits
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Secondary prices for Turkey euro bonds are stale, given illiquidity and a three year gap since its last issue