Look for:

Our offer for

Research Detail

2020/10/08 / Erste Group Research

Less pressure to issue bonds than during first COVID wave

The newly emerging market volatility and second wave of the COVID-19 pandemic saw CEE governments in a more prepared state than in spring. Issuance activity was very strong in the first half of the year, allowing MinFins to reduce issuance and removing pressure from the markets.

The international front might still provide surprises, depending on the developments of the pandemic and US presidential election. On the other hand, support might also come, as the risks are growing that ECB could potentially provide further stimulus.

There are local factors to deal with, however. Hungary could be in focus, given the relatively small cash buffer, higher redemption amount as a percentage of GDP and continuous news flow about further fiscal easing steps. In Romania, general elections are scheduled for early December, and the winner might embark on fiscal consolidation, due to rating downgrade threats and the pressure of high public financing costs.

PDF Download Download PDF (1.5MB)

General information

AuthorErste Group Research
Product nameCEE Bond Market Report
Topic in focusFX, Macro/ Fixed income
Economy in focusCEE, Croatia, Czech Republic, Hungary, Poland, Romania, Serbia, Slovakia, Slovenia
Currency in focusCroatian Kuna, Czech Koruna, Euro, Hungarian Forint, Polish Zloty, Romanian Leu, Serbian dinar
Sector in focus-


We use cookies and web analysis software to give you the best possible experience on our website. If you consent, these tools will be used. For more details please read our Data protection policy.


Any information, material and services regarding financial instruments and securities provided by Česká spořitelna/Erste Group/ or any of its affiliates (collectively “Erste Group“) on this and any linked website hereafter (jointly the “Websites“) shall be exclusively to investors who are not subject to any legal sale or purchase restrictions.

By agreeing to this hereto, the visitor entering this Websites confirms that has read, understood and accepted this Information and the Disclaimer