CEE Bonds
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There was high book attrition, about 45%, between guidance and final pricing -
EPH tightened the spread by 30bp, something it was unable to do last year on a bond issue
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Strong European participation suggests investors are shrugging off Russia war
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Initial pricing was one of the tightest starting points for a CEEMEA sovereign in dollars in the last 18 months
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The last senior deal beyond six years was in 2021, before Russia invaded Ukraine
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Investors were not as eager as they were on sovereign's previous few bond issues, said a lead
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NIP estimates vary, but buyers greeted the deal with enthusiasm
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Investors crowd in after rally of more than 120bp since October
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A growing number of central and eastern European sovereigns are turning to dollars
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The primary market is in good shape after well-received US inflation data on Wednesday
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Bumper demand allowed Estonian bank to reduce the spread by 60bp
