CEE Issuance Outlook 2026: Diversify, pre-fund, switch, repeat

Sovereign issuance will this year be driven largely by refinancing needs and higher debt costs rather than new fiscal expansion. Governments in the CEE are set to lean more on diversified funding to limit net local bond supply and manage curves

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CEE Issuance Outlook 2026: Diversify, pre-fund, switch, repeat

Sovereign issuance in 2026 is set to be driven mainly by refinancing needs and debt costs rather than fresh fiscal loosening

and

CEE bond technicals: Foreign interest remains selective

CEE local debt still lags, with foreign demand limited to idiosyncratic stories such as Hungary and Turkey

Poland

Poland: Record high borrowing needs but lower bond issuance

Borrowing needs are set to surge to record highs in 2026 while POLGB issuance is set to fall

, and 2 others

Czech Republic

Czech Republic: The end of fiscal consolidation

Fiscal policy has remained just slightly looser following the Czech elections

and

Hungary

Hungary: Election uncertainty as net bond supply falls

Hungary faces rising fiscal risks before April elections as the deficit hits 5.5% of GDP

, and

Romania

Romania: Fiscal consolidation and diversification of sources

Gross borrowing needs are rising modestly, with lower net ROMGB issuance and strong retail bond demand helping ease pressure on local markets

, and

Turkey

Turkey: Higher debt costs, predictable funding strategy

Rising interest costs and redemptions should push borrowing needs sharply higher in 2026

CEE Issuance Outlook 2026: Diversify, pre-fund, switch, repeat

We expect the pace of issuance from CEE to slow modestly in 2026, with Romania standing out as the key driver

, and 6 others