Hungary Exim ends execution saga on MIGA guranteed bond

Hungary’s Export Import Bank priced its long awaited €400m dual tranche deal on Tuesday afternoon, which benefits from a guarantee structure never before used in the bond market. It took two months of execution before investors were comfortable enough to participate, but the triple-A rating and tight pricing should result in large cost savings for the issuer.

  • By Steven Gilmore
  • 25 Sep 2013

Joint leads Deutsche Bank, HSBC and Jefferies priced €380m of class ‘A1’ notes at 90bp over mid-swaps and €20m class ‘A2’ notes at 7% yield on Tuesday. Both mature in February 2019. 

The class ‘A2’ notes are guaranteed by the Hungarian sovereign and were sold mostly to bank and ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Citi 17,773.39 25 9.05%
2 HSBC 16,094.53 24 8.19%
3 BNP Paribas 14,513.99 21 7.39%
4 Barclays 14,014.48 21 7.13%
5 Goldman Sachs 13,328.33 24 6.78%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 46,791.16 113 11.73%
2 Citi 45,464.82 116 11.39%
3 HSBC 32,120.98 74 8.05%
4 Bank of America Merrill Lynch 31,646.56 91 7.93%
5 Deutsche Bank 25,336.01 60 6.35%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 32,254.14 93 7.35%
2 UniCredit 31,545.41 101 7.19%
3 BNP Paribas 30,965.57 63 7.06%
4 Goldman Sachs 30,813.44 79 7.02%
5 Barclays 28,821.98 69 6.57%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 85,921.52 293 7.43%
2 JPMorgan 84,566.67 476 7.31%
3 HSBC 75,298.30 255 6.51%
4 Bank of America Merrill Lynch 62,436.52 190 5.40%
5 Goldman Sachs 58,162.93 154 5.03%