12.07.2023 / Erste Group Research |
CEE pivoting issuance to mid- and long-term papers amid declining yields Foreign issuance of CEE governments slowed down considerably in the second quarter compared to the first three months of 2023. In the second half of the year, the CEE governments will likely focus on the local bond markets. The decline of the long-term yields should enhance borrowing in the local currency over the hard currency. Further, easing inflation and yields moving south should pivot domestic debt issuance from T-bills more towards mid- and long-term papers. Many CEE countries face fiscal slippage and could be put into Excessive Deficit Procedure next year as general escape clause from EU fiscal rules expires. Sovereign ratings should not deteriorate, as external balances improve. |
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Autor | Erste Group Research |
Datum | 12.07.2023 |
Jazyk | ![]() |
Název produktu | CEE Bond Market Report |
Hlavní téma | Makro/Úrokové sazby, Směnné kurzy/FX |
Zaostřeno na ekonomiku | CEE, Česká republika, Chorvatsko, Maďarsko, Polsko, Rumunsko, Slovensko, Slovinsko, Srbsko |
Zaměřeno na měnu | Česká koruna, Chorvatská kuna, Euro, Maďarský forint, Polský zlotý, Rumunské leu, Srbský dinár |
Zaměřeno na sektor | - |
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