Baltic equity and debt capital markets rebounded nicely by the end of 2020 after the last year’s pandemic shock. Demand side of capital markets remained strong with almost 15 bEUR assets under management by the local pension funds and record-high household deposits in all Baltic countries toalling over 35 bEUR. Retail investors have discovered Baltic stock markets, as in 2020 the turnover was record high 470 mEUR and average deal size dropped to 750 euros vs 2000 euros in 2019, due to new demand from the retail investors. Baltic governments and financial institutions were strong bond issuers in 2020 leading the way with the new bond issues, this year we expect more non-financial sector private and public bond issues. Stay tuned!