Dollar-denominated issues have been flooding out of eastern Europe recently, particularly from Russia and Hungary. But until now, European emerging market currencies have played only a small part in the Eurobond market, with the Czech koruna the only one used extensively. The main impediment to new currency sectors for Eurobonds has been the intricate convertibility restrictions placed on most central and east European currencies. Only the Czech koruna is 100% exchangeable with no strings attached.
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