Hungary
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Some thought the new issue premium was slim, but others saw it in double digits -
New issue premium estimates at initial pricing ranged from 35bp to 55bp
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Political instability means reducing deficits in CEE will be tough
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International bond issuance will still be lower than many of the past few years
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Another CEE trade from Hungary's development bank will also price on Wednesday
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The bank may tap demand from investors facing falling sovereign issuance
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Books were more than six times the deal size
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Hungarian bank is set to embark on a non-deal roadshow later this month
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◆ Hungarian bank brings subordinated debut ◆ Order book allowed 50bp of spread tightening ◆ Absence of senior deals led to 'some surprise'
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Books were over $2.5bn in the early afternoon
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A fellow Hungarian bank and a Kazakh debutant are preparing dollar bonds
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