Who needs the IMF? Hungary strikes US dollar market gold
Shrugging off the loss of its only remaining investment grade rating and its continuing failure to conclude an IMF agreement, Hungary raided the US investor base for this year’s largest emerging market bond as it ended a two year absence from international capital markets this week.
The five and 10 year deal amassed as much as $12.5bn of orders on its way to a $3.25bn size that underlined investors readiness to put aside political concerns for the allure of a new issue premium, even a modest one.
The government has been unwilling to change
Please take a trial or subscribe to access this content.
Contact our subscriptions team to discuss your access: firstname.lastname@example.org
To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: email@example.com or find out more online here.