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<title>Credit weekly - bne:Credit</title>
<link>http://www.bne.eu</link>
<language>en</language>
<ttl>180</ttl>
<pubDate>Mon, 14 May 2012 09:29:52 BST</pubDate>

<item>
<title>Brussels still tips CEE to lead EU growth</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310420</link>
<description>May 11, 2012

The European Commission raised its forecasts for Polish and Slovakian GDP growth in  ... </description>
</item><item>
<title>Russian Inflation  - Pleasant surprise new historical low in April</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310421</link>
<description>13 May 2012

CPI decelerates to 3.6% YoY É Rosstat on Friday reported that consumer prices grew  ... </description>
</item><item>
<title>Hungarian cabinet approves raft of new sector taxes</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310422</link>
<description>May 10, 2012

Hungary's government approved the introduction of new taxes on the financial, energy  ... </description>
</item><item>
<title>Slovakia enjoys strong demand for debut dollar bond</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310423</link>
<description>May 11, 2012

With the help of macro indicators that are buzzing in the first quarter, Slovakia  ... </description>
</item><item>
<title>Polish government attacks rate hike</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310424</link>
<description>May 11, 2012

The national Bank of Poland's surprise 25bp rate hike announced on May 9 did not  ... </description>
</item><item>
<title>Russian government finances may be close to balance this year</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310425</link>
<description>13 May 2012

The finance ministry says in the draft federal supplemental budget for this year,  ... </description>
</item><item>
<title>Latvia posts strongest growth in the EU</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310426</link>
<description>May 10, 2012

Latvian Statistics today released the GDP growth flash estimate for Q1 12. GDP  ... </description>
</item><item>
<title>Central banks on overdrive? </title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310427</link>
<description>May 11, 2012

Central banks around emerging markets had only recently begun to ease policy in  ... </description>
</item><item>
<title>Corporate bonds in emerging markets - an "undiscovered treasure" </title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310428</link>
<description>May 10, 2012

The fund managers at Erste-Sparinvest expect the recovery of the global economy to  ... </description>
</item><item>
<title>How realistic are CEE fiscal targets  </title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310429</link>
<description>May 11, 2012

Czech Republic: The convergence program seems realistic, with the structural deficit  ... </description>
</item><item>
<title>How does EM play in a Greek tragedy?</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310430</link>
<description>May 10, 2012

EM currencies have finally responded to the risk-off tone set by the weekend  ... </description>
</item><item>
<title>CEEMEA Sovereign Radar - Calm amid the Storm</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310431</link>
<description>May 13, 2012

We provide our latest summary of our views across the CEEMEA region, covering FX,  ... </description>
</item><item>
<title>IMF Executive Board Approves FY13-15 Medium-Term Budget </title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310432</link>
<description>May 10, 2012

The Executive Board of the International Monetary Fund (IMF) has approved the IMF's  ... </description>
</item><item>
<title>Directional economics - Everyone's a winner</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310433</link>
<description>May 9, 2012

How can we justify the bullish title of this report when history suggests the S&amp;P500  ... </description>
</item><item>
<title>Single market must be strengthened to boost EU growth </title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310434</link>
<description>May 9, 2012 

Opportunities for growth stemming  from the world's largest single market of 500  ... </description>
</item><item>
<title>Eurozone - uncertainty about recovery weighs on rate outlook and yields</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310435</link>
<description>May 7, 2012

Signals from the Eurozone economy have lately been mixed or even disappointing, with  ... </description>
</item><item>
<title>IMF Executive Board Reviews Fund's Income Position and Sets Margin for Lending Rate for Financial Years 2013-14</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310436</link>
<description>May 13, 2012

The Executive Board of the International Monetary Fund (IMF) has completed its  ... </description>
</item><item>
<title>Eurozone - did we come out of the trough in the first quarter? </title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310437</link>
<description>May 11, 2012

Mixed signals from economic data and indicators
Whereas the German order intake  ... </description>
</item><item>
<title>CBR leaves interest rates unchanged</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310438</link>
<description>May 11, 2012

The CBR left all interest rates unchanged yesterday. While the short-term  ... </description>
</item><item>
<title>Russian tax policy guidelines for 2013Ð2015 take shape</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310439</link>
<description>13 May 2012


The cabinet last week approved a taxation policy framework, although some  ... </description>
</item><item>
<title>CBR's reserves were down a slight USD 0.4bn last week -</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310440</link>
<description>May 11, 2012

News: The CBR's gross international reserves decreased USD 0.4bn in the week ending  ... </description>
</item><item>
<title>Russian real interest rate shift into positive territory is only temporary </title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310441</link>
<description>13 May 2012

Real Russian interest rates recently turned positive: Due to the lack of  ... </description>
</item><item>
<title>Putin Sets Out Third-Term Spending Plans</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310442</link>
<description>May 11, 2012

Vladimir Putin has issued a host of decrees outlining the spending plans of his  ... </description>
</item><item>
<title>Gazprombank places five-year Eurobonds worth $500m at 5.625% </title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310443</link>
<description>13 May 2012

Investor demand for the paper totaled around $1bn. As a result, the yield of the loan  ... </description>
</item><item>
<title>Yakutia to start placement on May 17 of bonds worth RUB2.5bn </title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310444</link>
<description>13 May 2012

The issue will have a maturity of five years with quarterly coupon payments and  ... </description>
</item><item>
<title>Russian carmaker Sollers buys back 65% of RUB2bn bond </title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310445</link>
<description>13 May 2012

Russian carmaker Sollers says it has bought back 65%, or more than RUB1.3bn of its  ... </description>
</item><item>
<title>Volgograd region places bonds worth RUB5bn at yield of 8.98% pa </title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310446</link>
<description>13 May 2012

Demand for the bonds totaled around RUB9.4bn. As a result of the bidding, the coupon  ... </description>
</item><item>
<title>RussiaÕs MOESK picks Gazprombank to lead RUB15bn bond offer</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310447</link>
<description>13 May 2012


Russia's Moscow United Electric Grid Company (MOESK) says it has picked Gazprombank  ... </description>
</item><item>
<title>BaselCement unit to repay $2.5m debt to avoid bankruptcy</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310448</link>
<description>13 May 2012

Russian cement production company BaselCement, part of Oleg DeripaskaÕs embattled  ... </description>
</item><item>
<title>RussiaÕs Acron takes out $300m syndicated loan for 5 years</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310449</link>
<description>13 May 2012

Russian mineral fertilizer producer Acron has taken out a $300m syndicated loan for  ... </description>
</item><item>
<title>RussiaÕs VTB Group lends Alrosa $150m</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310450</link>
<description>13 May 2012

RussiaÕs VTB Group says it has lent $150m loan to the diamond mining giant Alrosa.  ... </description>
</item><item>
<title>Moody's assigns Baa1 rating to Russian Railways' domestic bonds</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310451</link>
<description>10 May 2012 

Moody's Investors Service has today assigned a Baa1  rating with a stable outlook to  ... </description>
</item><item>
<title>S&amp;P cuts Poland-based PBG to 'B+', puts rating on negative watch </title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310452</link>
<description>May 9, 2012

We believe that in 2012, PBG's FOCF generation is likely to improve from the  ... </description>
</item><item>
<title>S&amp;P summary - Bank Polska Kasa Opieki S.A.</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310453</link>
<description>
Major Rating Factors
Strengths:
-- Strong competitive position in the Polish banking market.
--  ... </description>
</item><item>
<title>S&amp;P rates PKO 'A-/A-2'; outlook stable</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310454</link>
<description>May 8, 2012

-- We are assigning our 'A-/A-2' counterparty credit ratings to Polish bank  ... </description>
</item><item>
<title>S&amp;P summary - Komercni Banka A.S.</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310455</link>
<description>May 10, 2012

CREDIT RATING: A/Stable/A-1 Country: Czech Republic

Credit Rating History: Local  ... </description>
</item><item>
<title>CEE boycotts help postpone Ukraine summit</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310456</link>
<description>May 8, 2012

On May 8, Ukraine postponed a summit of Central and East European leaders after the  ... </description>
</item><item>
<title>NBU official considers slight UAH devaluation</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310457</link>
<description>13 May 2012

The statement by an NBU official fully corresponds to our base-case forecast of  ... </description>
</item><item>
<title>UkraineÕs CPI decelerates to 0.6% yoy in April</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310458</link>
<description>May 10, 2012

UkraineÕs consumer prices remained flat mom in April, pushing the consumer price  ... </description>
</item><item>
<title>NBU reserves inch up 1.7% mom in April</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310459</link>
<description>May 10, 2012

The National Bank of Ukraines gross international reserves increased 1.7% mom in  ... </description>
</item><item>
<title>Georgia: Authorities hike 2012 GDP growth expectations to 6.0% YoY</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310460</link>
<description>13 May 2012

Ñ and cut inflation expectations to 5.0% Dec/Dec News: According to Interfax, the  ... </description>
</item><item>
<title>April surplus hauls Hungarian government deficit back to 40% of full year target</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310461</link>
<description>May 9, 2012

Hungary's healthy surplus in April helped peal back the general government deficit to  ... </description>
</item><item>
<title>Fitch notes tightened CDS spreads in Baltics</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310462</link>
<description>May 9, 2012

Diverging credit default swap (CDS) spread movement for European sovereigns and  ... </description>
</item><item>
<title>Latvia's GDP annual growth accelerated in the first quarter of 2012</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310463</link>
<description>May 10, 2012

According to the flash estimate by the Latvian Central Statistical Bureau,  ... </description>
</item><item>
<title>Latvia's annual price growth continues to slow down</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310464</link>
<description>May 10, 2012

In April 2012, Latvian consumer prices increased by 0.6% compared to previous month.  ... </description>
</item><item>
<title>Slovakia trade surplus soars to &amp;euro;1bn in first quarter</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310465</link>
<description>May 9, 2012

Slovakia's merchandise trade surplus expanded for the third consecutive month in  ... </description>
</item><item>
<title>Hungary's March industrial production again below forecast </title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310466</link>
<description>May 8, 2012

Today's preliminary March industrial production figures surprised to the downside.  ... </description>
</item><item>
<title>Hungary starts the mud slinging once more</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310467</link>
<description>May 7, 2012

Hungary suggested once more that the size of the loan it aims to secure from the IMF  ... </description>
</item><item>
<title>Estonoian economic growth in 1Q supported by recovering domestic demand</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310073</link>
<description>May 11, 2012

According to preliminary data released by Statistics Estonia, the economic growth  ... </description>
</item><item>
<title>Poland's MPC hike; what next?</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310469</link>
<description>May 9, 2012

Today the Polish central bank surprised the market (including us) with a 25bp hike.  ... </description>
</item><item>
<title>Wage growth may hinder Estonian inflation slowdown </title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310470</link>
<description>May 9, 2012

According to Statistics Estonia, the price level increased 0.3% in April 2012  ... </description>
</item><item>
<title>Latvian government support hits the heights</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310471</link>
<description>May 8, 2012

Political leaders may be falling across Europe as the electorate lashes out at  ... </description>
</item><item>
<title>Latvian macro monitor</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310472</link>
<description>May 8, 2012

The Latvian economy grew by a strong 5.5% y/y in 2011. However, in our view the  ... </description>
</item><item>
<title>Hungary records huge surplus in April state budget </title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310473</link>
<description>May 8, 2012

Central state budget balance (without municipalities) showed HUF 289.3bn surplus in  ... </description>
</item><item>
<title>Slovakia to cut a national holiday, but major austerity measures still unknown</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310474</link>
<description>May 8, 2012

The Slovakian government is slowing leaking odd details of its plans to rein in the  ... </description>
</item><item>
<title>Hungary still pushing domestic retail investors to replace foreign holders of state debt</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310475</link>
<description>May 10, 2012

Hungary's state debt management agency (AKK) reiterated on May 9 plans to boost  ... </description>
</item><item>
<title>Estonian inflation slowing according to expectations</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310476</link>
<description>May 8, 2012

According to data released by Statistics Estonia, the consumer prices increased by  ... </description>
</item><item>
<title>Hungary's reserves temporarily resume growth in April</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310477</link>
<description>May 7, 2012

Magyar Nemzeti Bank announced on May 7 that the country's international reserves  ... </description>
</item><item>
<title>Hungarian Economy Ministry confirms 30% corporate tax to include Robin Hood tax </title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310478</link>
<description>May 11, 2012

Hungarian Economic Ministry confirmed that energy companies are to pay 30% corporate  ... </description>
</item><item>
<title>Graphisoft Park - steady (e)state </title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310479</link>
<description>May 8, 2012

Company reported strong quarterly figures due to higher occupancy rate (up from 85%  ... </description>
</item><item>
<title>Czech foreign trade surplus exceeds expectations in March - mainly due to weak imports </title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310480</link>
<description>May 7, 2012

The Czech foreign trade surplus for March surpassed all expectations, reaching  ... </description>
</item><item>
<title>Slovak industrial production still booming in March </title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310481</link>
<description>May 10, 2012

Slovakia's impressive performance in the first quarter of the year continues, with  ... </description>
</item><item>
<title>Macro figures in Hungary are still on the downside </title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310482</link>
<description>May 9, 2012

The budget balance surprisingly produced a surplus of HUF 289.3bn and the total gap  ... </description>
</item><item>
<title>Bank of Latvia, IMF Announce Joint Conference on the Recovery in the Baltics </title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310483</link>
<description>May 8, 2012

The Bank of Latvia and the International Monetary Fund (IMF) announced today that  ... </description>
</item><item>
<title>Slovak macro outlook - industrial orders mitigate slowdown in 2012 so far </title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310484</link>
<description>May 9, 2012

Economic data released in 1Q12 suggest continuous strength of industry, driven by car  ... </description>
</item><item>
<title>Slovak monthly macro forecast</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310485</link>
<description>May 7, 2012

Real economy
In mid-May, the flash GDP growth estimate for 1Q12 will be released. We  ... </description>
</item><item>
<title>Sovereign Insight - Slovak Republic</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310486</link>
<description>A significant increase in exports and a vibrant manufacturing sector have allowed for a strong  ... </description>
</item><item>
<title>Czech unemployment continues to decline due to favourable seasonal factors </title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310487</link>
<description>May 10, 2012

April's labour market statistics nicely surprised and confirmed March's favourable  ... </description>
</item><item>
<title>Hungarian CPI rose to 5.7% year on year in April </title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310488</link>
<description>May 11, 2012

The 5.7% y/y index was higher than both the market consensus of 5.5% and our  ... </description>
</item><item>
<title>Slovakia reiterates plan to issue US dollar bond</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310489</link>
<description>May 8, 2012

Slovakia reiterated plans to issue US dollar-denominated bonds as part of its  ... </description>
</item><item>
<title>Slovak retail sales growth sticks in the mud</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310490</link>
<description>May 7, 2012

Slovakia's sluggish retail sector returned to form in March after robust gains in the  ... </description>
</item><item>
<title>Czech central budget gap seen narrower Finmin </title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310491</link>
<description>May 7, 2012

The Czech central state budget gap should narrow slightly to CZK 100bn next year if  ... </description>
</item><item>
<title>Czech retail sales dynamics slip into the red</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310492</link>
<description>May 7, 2012
 
March retail sales declined by 0.3% yoy, lagging our forecast, but beating market  ... </description>
</item><item>
<title>Lithuanian CPI increased 0.6% in April</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310493</link>
<description>May 9, 2012

As expected, inflationary tendencies continued in April. Consumer prices grew by 0.6%  ... </description>
</item><item>
<title>Czech CPI, industry data raise probability of cut </title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310494</link>
<description>May 10, 2012

Industrial production fell 0.7% y/y in real terms in March 2012 (CS:1.2% y/y,  ... </description>
</item><item>
<title>PGE reportedly ready to issue PLN1bn of debt in May</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310495</link>
<description>May 9, 2012

Polish utility PGE plans to issue five-year bonds worth a total of PLN1bn  ... </description>
</item><item>
<title>IMF talks could prompt Hungarian rate reduction</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310496</link>
<description>May 10, 2012

The minutes of the April rate setting meeting released yesterday did not bring any  ... </description>
</item><item>
<title>Nordic Outlook: Shift in crisis strategy and bail-out for Spain  </title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310497</link>
<description>May 8, 2012

 The world economy has lost some momentum this spring. Growth is not  ... </description>
</item><item>
<title>Latvia's current account slips into deficit; deleveraging continues</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310498</link>
<description>May 7, 2012

In 2011, the current account balance turned negative (-1.2% of GDP), but this was  ... </description>
</item><item>
<title>Turkish monetary policy focused on defending local currency</title>
<category></category>
<link>http://www.bne.eu/dispatch20528#310499</link>
<description>May 4, 201

The yield curve is inversely sloped right now in Turkey, as the CBT intentionally  ... </description>
</item>

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