With the war in Ukraine adding to global volatility in capital markets, investment banking deal flow was weak in central and eastern Europe during 2022 and early 2023, especially for lower-rated names.
“Capital markets in our region had the double whammy of the proximity of the war in Ukraine as well as overall market dislocation and volatility,” says Marzena Fick, Citi’s head of investment banking for central Europe. “Business effectively came to a standstill for the first few months of the war.
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