The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Keep the equity issues coming ...

Will Asia's economic crisis knock eastern Europe off course? Will political disagreement stall privatization? Will the region's small companies flock to join the stock market? Rebecca Bream gauges the flow of new east European equity in 1998 and looks ahead to the year's biggest deals.

... and get ready for more bonds?


Until the end of October, 1997 had been a good year for equity in central and eastern Europe. Although new issues were fairly light on the ground, some of the largest companies in the region were privatized or floated. The second tranche of the Hungarian oil and gas company MOL was put on the market in May, followed by shares in Poland's Bank Handlowy and Hungary's pharmaceuticals com-pany Gedeon Richter in June. The Polish copper producer KGHM had an IPO in July, which turned out to be one of the few unsuccessful privatizations of the year. This flurry of market activity culminated in November with the largest-ever equity deal from eastern Europe, again in Hungary: the IPO of telecommunications operator Matav, which has so far raised over $1 billion.

"Matav set an important precedent for privatizations in the region," says Rory Scott, director of equity capital markets at ING Barings. A combination of strategic sale (to Ameritech and Deutsche Telekom in 1993, which led to an exhaustive restructuring programme) and public offering, the sale process has been likened to telecoms sell-offs in France, Spain and Italy.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree