Hungary
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CEE issuers are having to offer more due to lower liquidity than developed market peers -
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Investors are keen for new issues, but they will be more selective than earlier in the year
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CEE sovereign has already met its needs for this year via January’s dollar bond and a private placement
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This would be the first new bond from a CEE energy company for over a year
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There will be more CEE issuance in June, including from an SSA issuer and corporates
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Euro market cannot compete with the pricing and size the dollar market currently offers
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Bondholders are worried about Hungary's ESG profile and further credit rating downgrades
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The euro market is still too rich for CEE FIG issuers, said one banker away from OTP
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Using the dollar market makes sense, said one banker, as US investor interest in CEE increases
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The Fed is unlikely to revise its plans as oil prices rise due to the cut in production
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Pipeline of new CEE bonds, including some from FIG issuers, is on ice until Easter
