Green, social, and sustainability-linked issuance in South-Eastern Europe reached record volumes this year, driven by energy-transition capex and refinancing of conventional debt into labelled formats.
Taxonomy alignment is the gating item
Issuers consistently underestimate the lead time needed for second-party opinions and taxonomy alignment assessments. Starting the framework workstream at least one quarter before the intended issuance window has become market best practice.
We expect utilities and banks to dominate the pipeline, with debut corporate issuers following once benchmark pricing stabilizes.
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