Hungary
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Issuers, especially banks, drew high demand
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Subordinated debt has formed most CEE FIG issuance since January
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At initial pricing MVM offered about 130bp over the sovereign curve
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CEE bank issuance far outstrips this time last year
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Kurali says investor green bond engagement has rocketed
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Deals away from the public market can offer cheaper pricing and new pockets of demand
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Gulf issuers get ready after steady beginning to year's bond sales
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Country prints bigger bond than expected and will therefore rely less on private placements
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Country is dialling down bond market activity
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This year's international bond issuance for Hungary was the highest, bar 2020, for a decade
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Export credit agency offered a concession of at least 40bp at initial pricing
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Part of Hungary's EU frozen funding is set to be released, but that will not benefit MBH's deal
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◆ 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
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EM pipeline keeps flowing in face of US Treasury volatility
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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
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The lender drew a book of well over $1bn for a rare dollar bond from a CEE financial issuer
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Nearly all FIG bonds outstanding from the CEE region are from Russian or Turkish issuers
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Hungary also wants to make its green bonds a darker shade of green
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Investors have queried if a private placement and green bonds are an attempt to deflect from EU dispute over primacy of rule of law
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Sovereign will face elevated funding costs, believes bond buyer, if it is forced to come to market over fight with bloc
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The sovereign now wants to privately tap existing bonds instead of arranging new private deals
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Hungarian bank clinches €150m more than its minimum target
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€500m note could start around 200bp wider than the bank's €400m July deal
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The sovereign is issuing a green Panda this week, despite investors’ concerns over its ESG policies
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The issuer is offering investors more than 50bp of new issue premium at initial price talk
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It can take years to prepare bonds in some markets, but that can bear fruit
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Euro market does not offer the size or duration it used to
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Hungarian bank's deal could be the last new issue from CEE until September
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Investors not keen on CEE as liquidity drops heading into July
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Recent deals from the likes of Unicaja will be a guide to pricing OTP
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While some issuers took encouragement from Hungary’s and Jordan's deals, most buyers remain cautious
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Issuer could come close to wrapping up 2022 funding despite investors' ESG concerns
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Hungary joins CEE sovereign flurry
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Fears over Ukraine did not deter Japanese investors
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Ukraine invasion fears close EM primary bond market but niche deals can still go ahead
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Four CEEMEA issuers are trying to issue new bonds, but investors are being put off by volatile US Treasury yields