Serbian Rally May Be Over as Eurobonds Get Expensive: Raiffeisen
Source: BFW (Bloomberg First Word)
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UUID: 7947283
(Bloomberg) -- Valuation becoming “relatively expensive” vs peers, which “is likely signalling the end of the rally,” Raiffeisen analyst Gintaras Shlizhyus says in note.
Alert: HALISTER1- New cabinet announcement “should be good” for Serbian Eurobonds as it signals push toward EU integration, reforms
- “Current spread levels imply a BBB- rating grade while in reality Serbia is unlikely to see the progress to investment rating in next 12 months”
- Raiffeisen puts Serbian Eurobonds under revision for possible downgrade to hold from buy
- NOTE: Serb Premier Vows to End EU Talks, Win Investment Grade by 2019
Source: BFW (Bloomberg First Word)
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UUID: 7947283