CEE Issuance Outlook 2025: Another year of heavy issuance

Consolidation of public finances is being postponed and the combination of high debt service costs and the redemption calendars further increases borrowing needs across the board. Declining external demand and an unfavourable global environment are forcing governments to shift to local sources of funding, increasing gross local currency issuance in most countries.

Eurobond issuance for the CEE region should remain elevated compared to pre-Covid years, while Hungary stands out as an outlier in continuing to reduce supply and successfully front-loading its needs