Hungary
-
At initial pricing MVM offered about 130bp over the sovereign curve
-
CEE bank issuance far outstrips this time last year
-
Kurali says investor green bond engagement has rocketed
-
Deals away from the public market can offer cheaper pricing and new pockets of demand
-
Gulf issuers get ready after steady beginning to year's bond sales
-
Country prints bigger bond than expected and will therefore rely less on private placements
-
Country is dialling down bond market activity
-
-
This year's international bond issuance for Hungary was the highest, bar 2020, for a decade
-
Export credit agency offered a concession of at least 40bp at initial pricing
-
Part of Hungary's EU frozen funding is set to be released, but that will not benefit MBH's deal
-
◆ Senior euro funding pushed back in favour of covered bonds ◆ Both issuers and investors show preference for high grade products ◆ BPCE picks the US for a quadruple Yankee as sentiment recovers
-
EM pipeline keeps flowing in face of US Treasury volatility
-
CEE issuers are having to offer more due to lower liquidity than developed market peers
-
-
Investors are keen for new issues, but they will be more selective than earlier in the year
-
CEE sovereign has already met its needs for this year via January’s dollar bond and a private placement
-
This would be the first new bond from a CEE energy company for over a year
-
There will be more CEE issuance in June, including from an SSA issuer and corporates
-
Euro market cannot compete with the pricing and size the dollar market currently offers
-
Bondholders are worried about Hungary's ESG profile and further credit rating downgrades
-
The euro market is still too rich for CEE FIG issuers, said one banker away from OTP
-
Using the dollar market makes sense, said one banker, as US investor interest in CEE increases
-
The Fed is unlikely to revise its plans as oil prices rise due to the cut in production