CEE debt markets: Debt markets embrace CEE borrowers
While some members of the eurozone struggle to stave off default, issuers from central and eastern Europe are once again finding favour with investors. Sudip Roy reports.
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WHEN HUNGARY ISSUED a €1 billion, seven-year bond last month, the deal completed a remarkable turnaround in fortunes for the central European state.
Less than three years ago Hungary was forced to turn to the IMF, World Bank and EU for a standby facility worth $25 billion after it became one of the biggest casualties of the global financial crisis. A heady mix of a high fiscal deficit – the worst in the EU – and sizeable public debt, especially in foreign currency, left Hungary exposed when liquidity dried up.