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.
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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