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Bond Market

Poland to Cover Borrowing Needs Early

The biggest CESEE economy wants to raise cash before the U.S. FED begins to reduce its asset buying program. The CESEE region will absorb the monetary shock, though.

January 13, 2014

Austria: VBAG Not to Receive Further Aids

Ailing banking institute VBAG of the Austrian Volksbanken Group will not be granted further state aids.

January 13, 2014

Austria: „El Dorado for Borrowers“

According to Bank Austria´s management board member Dieter Hengl, Austria is an oasis for borrowers. Interest rates have reached an all-time low.

January 4, 2014

Slovenia: Banking Sector Still in Turmoil

Small banks in Slovenia are reasons for concern in regard to their capital shortfalls.

January 3, 2014

Austrian Public Debt Reaches New High

The total size of public debt was never before so high. In the next years, the public debt ratio will come close to 80% of GDP.

December 30, 2013

Hungary: Best Economic Outlook since 2002

After the country had left the double-dip recession, the Hungarian economic sentiment index has reached the highest level in more than 11 years. Nevertheless, the country still has to manage number of fundamental risks.

December 28, 2013

Croatia Needs Major Bridge Loan

In order to cover its fiscal shortfall, the youngest EU member country takes a bridge loan in the amount of € 200m.

December 28, 2013

Austria: „Lending Becomes More Expensive”

In an interview with the Austrian daily “Presse”, CEO of Hypo Vorarlberg Michael Grahammer talks about the future lending conditions. The corporate sector faces a drastic increase in borrowing costs.

December 27, 2013

Slovenia: Fresh Money for Major Banks

Bonds of BAMC (Bank Asset Management Company), Slovenia’s bad bank, will be traded on Friday for the first time. The bonds will be forwarded to the country’s biggest banks in return for their bad loans.

December 27, 2013

Slovenia: PM Bratusek Confident About Tackling State Debts

Even though the country is expected to issue new state bonds next year to tackle state debts Prime Minister Alenka Bratusek suggested that Slovenia does not require loans immediately.

December 23, 2013

Rothensteiner: Austrian Sovereign Debt Rating Includes Bank Bail-Out

Unlike the rating agency Moody´s, head of RZB (Raiffeisen Zentralbank) Walter Rothensteiner thinks that the Austrian sovereign debt rating is not endangered by the nationalized banking sector.

December 20, 2013

Austria: S&P Keeps Rating Unchanged

The U.S. rating agency confirms the “AA+” rating for Austrian sovereign bonds. An upgrade is unlikely in the next years.

December 19, 2013

Macedonian Banks Should Support Private Sector

Deputy Prime Minister and Finance Minister Stavreski calls upon Macedonian banks to support the private sector.

December 18, 2013

Slovenia: Bad Bank to Operate Longer than Expected

According to executive director Mannson, the collecting and selling of non-performing loans would take at least ten to fifteen years.

December 16, 2013

Slovenia: Haircut for Junior Bondholders

Subordinated bond holders of the state-owned Slovenian banks will lose their investments completely. This is part of the recapitalization scheme.

December 14, 2013

Slovenia Issues Treasury Bills

On Wednesday Slovenia issued a treasury bill with a maturity of three and a half years in the amount of € 45m. The measure was part of the budget liquidity operation.

December 12, 2013

Croatia: EU Introduces Excessive Deficit Procedure

In the last years, Croatia´s fiscal situation has deteriorated considerably. Not only the budget deficit remains above 3.0% of GDP, but also the public debt quota has climbed above 60% of GDP.

December 11, 2013

Austrian FDI Worth Less than in 2003

Due to the financial crisis after 2008, foreign investments of Austrian investors have lost in value dramatically.

December 7, 2013

Hypo Alleged of Having Hoarded Assets of Former Serbian Regime

A Serbian NGO suspects assets of former Serbian President Slobodan Milosevic at Hypo Group Alpe Adria. The Austrian bank strongly rejects this allegation.

December 6, 2013

Austria to Raise Capital of up to € 30bn

In 2014, the Austria state will raise capital in the amount of € 28bn to 30bn from international capital markets. This year around € 29bn were raised.

December 6, 2013

Bond Swap at Raiffeisen

RBI offers bond holders of RCB to swap their debenture bonds to promissory notes.

December 2, 2013

Hungary: Economic Acceleration Takes Form

According to French BNP, the Hungarian economy starts to grow again. Nevertheless, the banking industry does not face better times yet.

November 29, 2013

Serbia: Further Austerity Measures Probable

In October, Serbia´s government has resolved a drastic austerity package.

November 27, 2013

Hungary: Monetary Policy Eases Further

Today, Hungary´s National Bank (MNB) has cut the two-week deposit rate to 3.2% from 3.4%. The government is optimistic that the monetary easing will help Hungary´s economy.

November 26, 2013

Austria: Decent Economic Outlook

Despite an economic acceleration, the macro-economic frame conditions remain difficult in 2014. A major risk factor is the fiscal situation.

November 24, 2013

Slovenia: Stress Tests Result Published on December 13

Bostjan Jazbec, governor of the Slovenian National Bank (SNB), is optimistic that no Slovenian bank will have to be liquidated.

November 23, 2013

Romania Faces Upgrade

Next year, Romanian sovereign bonds may be upgraded by Standard & Poor´s.

November 23, 2013

Pressure on Slovenia Dampens

After Slovenia´s governing coalition has won the vote of confidence, the yield on Slovenian sovereign bonds is going down slightly.

November 22, 2013

Hypo Group: Investors Claim Refunds

A group of aggrieved investors in Hypo Group Alpe Adria files claims for damages. These so-called small investors provided amounts from € 30,000 to € 300,000 and feel disadvantaged compared to bigger investors.

November 20, 2013

Slovenia Issues New Eurobonds

The issuance of a new bond in the amount of € 1.5bn on Friday came as surprise as Prime Minister Alenka Bratusek has annouced earlier no such measures will be made until the beginning of the new year.

November 18, 2013

Croatia: IMF as Last Exit

It is likely that the ailing country is seeking assistance from the IMF. Borrowing in 2014 is risky, Finance Minister Slavko Linic said.

November 11, 2013

Banking Sector Reduces Lending

Instead of offering loans to the corporate sector, banks tend to invest in sovereign bonds. The CESEE region is particularly affected by this.

November 6, 2013

Banking Sector: Pressure on Slovenia Grows

The IMF calls Slovenia to re-capitalize the banking sector immediately. However, Slovenia´s financial situation is already more than tense.

October 29, 2013

Hungary: Junk Rating Remains

S&P has reiterated Hungary´s sovereign debt rating. Further cuts are not unlikely.

October 28, 2013

Slovenia: Bailout Comes Closer

The ailing country is not expected to manage the financial crisis on its own. Calling for support from Brussels seems to be the last remaining alternative.

October 28, 2013

S&P Warns of Further Downgrade

The rating agency has kept the “AA+” rating. However, Austria has to put more effort into austerity measures, the rating agency stresses.

October 26, 2013

Hungary: Orban Underlines National Sovereignty

On the occasion of Hungary´s national holiday, Prime Minister Viktor Orban stressed the importance of values. The high public debt limits Hungary´s effective sovereignty, however.

October 24, 2013

Bank Austria Issues € 500m Bond

Bank Austria, part of Italian major bank UniCredit and in charge of CESEE business, is raising money from the capital market.

October 22, 2013

Croatia: EU-Membership Did Not Help Yet

In the first months of its EU membership, the situation in Croatia´s industrial sector deteriorated further.

October 19, 2013

Experts Urge Serbia to Accelerate Austerity Measures

It is still questionable whether the austerity measures announced by the Serbian government are sufficient.

October 15, 2013

IMF: Hungary´s Fiscal Situation Deteriorates

According to the IMF, Hungary´s public debt quota will increase. This stands in opposition to the optimistic forecasts of the government.

October 15, 2013

Hungary: Borrowing Costs Decline

Yields on Hungarian sovereign bonds reached an all-time low. However, a rebound in 2014 is rather probable.

October 12, 2013

RBI Issues EUR 500 Million of Supplementary Capital

Strengthening of capital structure provided by this measure.

October 10, 2013

Serbia Fights Against National Bankruptcy

The Serbian government has decided to implement a new austerity package. Above all, civil servants face substantial salary cuts.

October 9, 2013

Serbia: IMF as Last Exit

After unsuccessful negotiations in spring, Serbia is forced to ask the IMF for financial support. The fiscal policy is not the only weak point of the Balkan country.

October 8, 2013

Hungary: Easing Cycle Nears Its End

After the interest cut last week, there is still downward potential. However, MNB must be cautious, Hungary´s rate setter Gyula Pleschinger told WSJ.

October 4, 2013

Raiffeisen Research: CESEE Deserves Better Credit Ratings

Analysts of Raiffeisen Research think that Austria´s sovereign debt rating is worse than the rating agencies say. The CESEE region, by contrast, is seen too critically, Raiffeisen Research argues.

October 4, 2013

CESEE: Recovery Slow, but Stable

Corporate sentiment improving in major CEE countries as well, as the economic recovery begins to take root. Low point in interest rates has essentially been reached, rises in yields to follow trends in the developed markets, RZB says.

October 4, 2013

Keuschnigg Advises Austria to be Patient

According to Keuschnigg it was not possible to increase the core capital quota of the banks to the level necessary or to reduce public debts by 120 percent in two years only.

October 4, 2013

VIG to Issue Subordinated Bond

Vienna Insurance Group successfully launched a subordinated bond.

October 2, 2013
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