Hungary
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Three trades have come in as many days -
Attrition was high after Erste Bank Hungary squeezed the spread
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◆ Hamburg Commercial Bank prices with 0bp-1bp of NIP ◆ Crédito Agrícola attracts €2.7bn of orders for debut benchmark deal ◆ Erste Bank Hungary offers CEE pickup
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Hungary took euros on Wednesday and showed investors have a taste for shorter paper
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Potential for record breaking January
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◆ Hungarian bank's €100m deal takes €1.15bn of orders ◆ Issuer had Wednesday's FIG market to itself ◆ CEE names offering 'nice pickup'
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Ludwigsburg eyes duration, while MBH plans 'classic club' deal
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Deal is first in format from an EM sovereign since 2023
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Hungary could raise close to €600m
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The $4bn triple-tranche trade came a week after Hungary upped its overseas funding target for 2025
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◆ 'Impressive' result for Spanish bank ◆ Raiffeisen Hungary shows CEE appetite ◆ Ageas places short-dated sterling senior
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Some thought the new issue premium was slim, but others saw it in double digits
