Investment bankers are heading back to Eastern Europe in droves. Equities rather than bonds are the focus for the first time since the mid-1990s. With key markets firmly within the fold of the European Union, and Russia continuing its economic expansion – albeit with some hiccups – bankers are expecting a jump in the number of initial public offerings from the region.

Most of the new EU entrants during 2004 experienced higher levels of flotations. Poland's Warsaw Stock Exchange was on target to record its biggest IPO year since 1998, when it raised eight billion zloty (€1.9bn).