Hungarian forints

  • 18 Jan 2002
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* Bank Austria AG

Rating: Aa3/A+

Amount: Huf10bn

Maturity: January 29, 2007

Issue price: 100.225

Fixed re-offer price: 98.60

Coupon: 7%

Launched: Monday January 14

Joint leads: TD Securities (books), HypoVereinsbank

Bookrunner's comment:

TD - This was a successful issue, trading up to 98.90 on the offer side after launch. The 28bp spread over the government curve that we were able to get from the swap drove the issue. Distribution was in Germany, Switzerland and elsewhere.

Market appraisal:

HVB - For some reason the Bank Austria name still attracts a slightly better retail bid than the HypoVereinsbank name. We went for the forint market because it is the best place to get levels over the government.

The swap spread in zloty is too tight, while the Slovak swap market is too costly. Liquidity in the Hungarian swaps market, however, has improved in the one to five year area.

"...forint swaps have improved, but are still pretty illiquid. The bid/offer on the five year is 30bp, down from about 50bp last year. In Czech korunas it is 5bp, in zloty 10bp-15bp."

  • 18 Jan 2002

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  • Last updated
  • Today
1 JPMorgan 92.59 388 8.96%
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1 BNP Paribas 60.87 123 14.06%
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Bookrunners of all EMEA ECM Issuance

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  • Last updated
  • Today
1 Goldman Sachs 2.07 11 10.42%
2 BofA Securities 1.40 6 7.01%
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4 Morgan Stanley 1.36 6 6.85%
5 JPMorgan 1.31 7 6.59%