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The Romanian economy is struggling to get out of recession
The syndication is among the Dutch development bank's largest in the region and attracted Middle East lenders
Takeover will increase the Hungarian bank's total assets by around 13%
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Hungarian Development Bank priced its first ever dollar bond this week, printing a well received $750m seven year deal. The transaction offered a 110bp premium over the government curve, and as the Hungarian sovereign is holding off on issuance until next year the deal also offered buyers a valuable slice of sovereign risk.
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Digging out of a mountain is no easy feat. Russian mining and metals firm Mechel has its own mountain of around $9bn of debt — or nine times Ebitda — from which it is clawing an escape. Its approach has been to renegotiate terms with lenders and to sell assets, according to the firm's CFO, Stanislav Ploschenko.
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Hungarian Development Bank opened books on a 144A dollar deal on Thursday morning, and approached investors with price thoughts for a seven year bond expected to be up to $500m.
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The woes of central and eastern Europe's creaking mining sector roll on as coking coal producer New World Resources (NWR) has become the second mining firm this week to request a covenant holiday on its loans.
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Polish issuers are moving to foreign markets to sell bonds as uncertainty over pension reform in their country puts pressure on their ability to roll over existing debt in their domestic market.
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Indebted Russian mining and metals firm Mechel is hammering out new covenant holidays for its holding group and its mining subsidiary.
