Report: CEE Issuance Outlook 2025

The CEE region failed to deliver on the promised consolidation of public finances last year and the rising debt burden is weighing on fiscal policy this year as well. Most countries ended up with higher gross borrowing needs last year than initially indicated, a bias that we take into this year.

In addition, the political cycle plays against already heavy borrowing needs with presidential elections in May in Poland and Romania, a general election in September in the Czech Republic, and an election campaign starting in Hungary ahead of a general election in April 2026.

So, this year, we see higher borrowing needs in all the countries we cover despite the plan to reduce the government deficit across the board. The exception is Romania, which on paper expects to consolidate public finances after a record deficit last year, but as we discuss in the country page, the planned consolidation is built on shaky foundations.

Frantisek Taborsky, James Wilson