It has been a busy and crowded market for sovereign issuers in emerging Europe in the past 12 months, as one would expect when conditions are so good that even Belarus could sell a bond, should it so desire. Hungary has come back in force to the market, having been absent last year. Romania, Lithuania, Malta, Croatia, and the Ukraine have also either issued bonds or are poised to do so.
But Poland has stood out as the most sophisticated issuer this year because of the diversity of issues that it has brought to market.
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