Hungary

Digi Communications’ Hungarian subsidiary has refinanced part of a €200m bridge loan provided by Citigroup and ING in October last year, which was used to fund the acquisition of a subsidiary of fellow Hungarian communications company Invitel.

The Philippines postpones its Panda bond deal as it awaits approval from China’s central bank, Hong Kong Exchanges and Clearing (HKEX) opens its first office in Singapore, and the renminbi falls to seventh place in the league table of the world’s most used payments currency in October.

Hungarian oil and gas company MOL has launched a €600m syndicated loan, for which banks are expected to send in commitments over the next two weeks.

Digi Communications’ Hungarian subsidiary signed a €200m bridge loan on Friday to finance its acquisition of compatriot communications company Invitel Tavkozlesi, a subsidiary of Invitel group. The lead banks have launched the syndication and held a bank meeting on Tuesday.

Rating: Baa3/BBB-

After several years financing in the domestic and Asian markets, Hungary turned its attention to the next stage of reducing its external liabilities this week, and was overwhelmed by the positive response to its dollar euro switch, György Barcza, chief executive of Hungary’s debt management agency (AKK), told GlobalCapital.

Hungary had taken books of €5.75bn for its new euro benchmark on Wednesday, after announcing that investors had agreed to tender $3.3bn of its outstanding dollar notes.

Hungary is set to take advantage of lower rates in euros to buy back its more expensive outstanding dollar debt.

UniCredit syndicated a loan it underwrote for Hungarian communications company Invitel in January to five banks last week.

Hungary’s second largest corporate communications provider Invitel is due to sell down a €130m syndicated loan facility issued in January to fund its change in ownership from Mid Europa Partners to China-CEE Investment Cooperation Fund.

The renminbi’s usage as a global payment currency goes up, BlackRock says full bond index inclusion will drive capital inflows into Chinese fixed income, and foreign ownership of Chinese bonds and equities rise.

Nitrogénmuvek, the Hungarian fertiliser group, became the second borrower with high yield ratings to cancel a deal this month, after Tereos pulled a highly structured bond seven days ago. This time, the problem was size.