Bond Markets Outlook

9 Octombrie 2009

RAIFFEISEN BANK S.A.

Highlights

� Poland - We think the current level of the zloty, most likely being caused by the current political crisis, is a buying opportunity. We therefore stick to our recommendation for Polish bonds.

� Hungary - We have been arguing that the radical change of Hungary's risk profile would eventually bring about positive actions by the rating agencies. Standard & Poor's took the first step:

� Czech Republic - Our forecast for the Czech koruna (CZK) has been fulfilled quite quickly over the past week as the CZK continued to depreciate. It appears the healthy correction of the CZK was at least partially supported by the verbal intervention of Czech National Bank (CNB) governor Zdenek Tuma.

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The tricky lag LUCIAN CROITORU Adviser to the Governor - BANCA NAŢIONALĂ A ROMÂNIEI Lucian Croitoru, Adviser on monetary policy issues to the National Bank of Romania Governor, talks about the NBR’s next moves and explains why the decrease ofthe policy rate hasn’t been reflected into lower interest rates on bank loans. mai mult... The turnaround CRISTIAN SPORIS Secretar de Stat - MINISTERUL ECONOMIEI ŞI FINANŢELOR Cristian Sporis, Secretary of State at the Ministry of Public Finance, in charge with the national treasury and public debt, explains how the state managed to borrow money at the lowest costs in the last seven years and how it turned from a clear market taker into a player with a strong position on the market. mai mult...