Hungary
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Bookbuilding slower than normal due to the restart of war between the US and Iran -
The sovereign deal came the day after Hungary's tight dual trancher
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Sovereign curve has rallied since Orban left after 16 years in power, but Hungary is in a fiscal hole
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◆ Eastern Europe's second inaugural covered of 2026 ◆ Issuer's covered bond rating matches Hungary's OTP ◆ Deal adds 'depth' to CEE covered universe, says banker
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Incoming chief was head economist at Hungary's largest bank
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Books were nearly four times the deal size, a record €1bn
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The unlocking of frozen EU funding will be a big boost to the country
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Country's sovereign bonds will react well to an opposition victory, but an Orban win will prompt a sell-off
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◆ OTP Mortgage Bank order book outstrips previous demand ◆ Tightening in line with recent performance, says banker ◆ OTP becoming 'more established' as covered issuer
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Three trades have come in as many days
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Attrition was high after Erste Bank Hungary squeezed the spread
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◆ Hamburg Commercial Bank prices with 0bp-1bp of NIP ◆ Crédito Agrícola attracts €2.7bn of orders for debut benchmark deal ◆ Erste Bank Hungary offers CEE pickup
