CEE Bonds

Dampened US rates outlook bad news for EM inflows but numbers don't tell full story and non-specialists step up

The debt chief will begin a new position at Hungary's central bank in March

Country's gross borrowing will rise 16% next year as defence budget grows

Decision on the refi will be made in first half of 2025 but new Eurobonds are 'unlikely'

Investors hope for cash inflows but no sign yet

Draft budget plans suggest a record year of international bond issuance

The CEEMEA primary market turned a corner in 2024 after two dreadful years. Hopes of interest rate cuts fuelled demand, with investors wanting to lock in high coupons while they could. Market access returned for all but a few and although most deals went very well, some stood out more than others.

Bond issuance from the CEEMEA region boomed in 2024, as investors made the most of high yields before interest rate cuts kicked in and keeping new issue premiums low. Meanwhile, a rejuvenated group from Turkey redrew the borrower map, writes George Collard

Interest rate cuts mean spirits are high in the CEEMEA primary bond market after it recovered a semblance of normality in 2024. But Donald Trump’s election as the next US president has added uncertainty to the trajectory of interest rates, throwing borrowers and investors a curveball, write George Collard and Francesca Young

Volumes on international markets will drop after a heavy two years

CEE covered bonds are at historic tights over core Europe

Deep domestic market to handle most of government's borrowing needs