Hungary
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GlobalMarketscan reveal that the European Investment Bank is preparing to launch a new entity — potentially called the European Bank for Sustainable Development — that will focus on sustainable projects outside the EU. -
Emerging market corporate borrowers have little in the way of funding needs and, where they do expect to issue, are eyeing new formats to diversify rather than issuing more Eurobonds.
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Hungary’s latest Panda looks, at least on paper, like a club deal rather than a genuine syndicated bond, with bankers disagreeing on how the deal might have played out in the market.
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Hungary is planning to sell a Rmb2bn ($290m) three year Panda bond on December 17, becoming the first and only sovereign returnee to the market.
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When UK telecoms company Vodafone announced in May that it had agreed to buy some of US rival Liberty Global’s European operations, it said it would use existing cash, €3bn of mandatorily convertible bonds and new debt, including hybrid bonds to fund the €18.4bn acquisition. On Wednesday, Vodafone sold the hybrid bonds, using four different tenors in three currencies. Nigel Owen reports.
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Hungary printed its €1bn seven year bond on Tuesday with the lowest ever coupon and yield for a dollar or euro bond from the issuer.
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The orderbook for Republic of Hungary’s seven year euro benchmark has blasted past €2bn and leads have tightened price guidance — a move expected by rivals as they said initial talk looked cheap.
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Hungary’s Futureal has signed a €150m 10 year loan, with the real estate developer claiming it’s the largest deal of its kind in the country since the global finance crisis began.
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Nitrogénművek found demand at the second time of asking on Friday, raising €200m with a seven year note after first attempting to bring a deal last year.
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Hungarian fertiliser company Nitrogénművek has released initial price guidance for its €200m seven year non-call three bond.
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Hungarian fertiliser company Nitrogénművek has completed a roadshow ahead of an expected €200m seven year non-call three Reg S/144A bond. It is expecting to price the deal “as early as tomorrow [Thursday]”.
