Financing according to the schedule in most of CEE
|On the radar
- Today, at 10 AM CET, Poland will publish industrial output growth in September, producer prices, employment and wage growth.
- Slovakia is expected to publish current account balance as well as the unemployment rate.
Economic developments
Today, we shortly discuss the 2025 financing needs in the region. The year-to-date net issuance in Croatia, Hungary, Poland, Romania and Slovakia covers their full-year needs in 2025. Further, in Poland, the year-to-date gross issuance already covers the full-year needs, and therefore the Poland’s Ministry of Finance may focus on pre-financing of 2026 financing needs for the remainder of the year. In other above-mentioned countries, issuance to cover upcoming redemptions still needs to be done. Czechia has a relatively large number of bills to refinance in the next couple of months. There is still a preference of the Ministry of Finance for the issuance of short-term papers; however, with chances ending for further rate cuts by the CNB, we expect a gradual return to bond issuance.
Market movements
The long-term yields have declined over last week in most of the CEE countries. In Romania, 10Y yields moved toward 10-month low reflecting fiscal consolidation efforts. Today, Constitutional Court has a meeting scheduled regarding the fiscal package. In Hungary, the bond market was rather stable ahead of central bank meeting planned for Tuesday, while EURHUF moves close to 390. The Hungarian forint and the Polish zloty have appreciated against euro last week. Slovakia has planned to sell several government papers on Monday. Other than that, Czechia, Romania and Poland have government auctions scheduled this week.
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