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2025's best deals, banks, investors, advisers and law firms
GlobalCapital is pleased to announce the launch of its 2026 European Securitization Awards
GlobalCapital's inaugural MTN Awards 2026 are underway — the market’s only awards dedicated to the market. But time is running out to make your case
Voting now open to decide the market’s leading deals and institutions
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It isn’t often that Bulgaria jostles its way through the pack to win awards like these. Nonetheless the prize is merited. The past year has at times been a tricky one, as developed-world investors, unnerved at the prospect of rising US interest rates, also took fright at the raft of issues — slowing growth, outright recession, volatile currencies, soaring levels of corporate indebtedness — roiling emerging markets.
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Emerging Europe is finally getting the hang of private-invested infrastructure projects. Kazakhstan, pushing ahead with an aggressive reform and asset liberalisation programme, is in the throes of completing a $680m, 66km-long ring road around the country’s financial centre of Almaty. The landmark construction project is set to be co-financed by the EBRD and the Asian Infrastructure Investment Bank.
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Europe is awash with development banks — outside the western half of the continent, Bulgaria, Hungary, Turkey, Croatia and Slovakia boast lenders working to boost the country’s long term prospects. But few institutions have the same domestic clout as the Development Bank of the Republic of Belarus (DBRB).
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Privatisation has not been a happy hunting ground for nations covering the EBRD’s remit. Too often, nations have sought to placate international donors and multilaterals with pledges to sell off underperforming state assets, only to renege (often following popular outcries against the sale of major employers to foreign investors) later on.
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The region’s stock exchanges are enjoying a new lease of life. After years of disappointing flows, Prague Stock Exchange is set to be reinvigorated by the initial public offering (IPO) of GE Money Bank, the sixth-biggest Czech lender by assets, a joint venture between General Electric and local energy group Energeticky a Prumyslovy Holding. That upcoming stock sale could value the lender at up to $1.9bn.
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As Citi goes, so goes central and eastern Europe. Perhaps the mantra should be reversed. Or maybe it doesn’t matter, so intertwined are the two, one an abstract mix of emerging states, the other still a powerhouse bulge bracket adviser-lender.
