Hungary draws €5.75bn book for debt switch
Hungary had taken books of €5.75bn for its new euro benchmark on Wednesday, after announcing that investors had agreed to tender $3.3bn of its outstanding dollar notes.
Like Slovenia, Hungary is taking advantage of lower rates in euros to buy back its more expensive outstanding dollar debt. BNP Paribas
, Deutsche Bank
and ING opened books on the new 10 year bond at 125bp area over mid-swaps, before refining guidance
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