Hungary
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Hungary picks up €4.5bn in sensational triple return to markets -
Hungarian Development Bank is set to return to bond markets as it seeks €500m of funding, a year after it last raised international debt.
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A draft amendment to the Hungarian covered bond regime, that brings it into line with the European Union's Covered Bond Directive, is likely to be a positive for the product's credit and should improve prospects for issuance in euros.
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After a record breaking year for sovereign bond issuance in central and eastern Europe, 2021 could be a different story, thanks to the European Union's vast economic support packages that could reduce the need for many CEE countries to tap international bond markets.
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Wizz Air proved on Wednesday that markets are open for even those debut emerging market issuers in affected sectors. The European airline raised a benchmark sized bond in its inaugural euro transaction.
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A burst of mandates on Monday confirmed what many market participants had expected: a rise in emerging market corporate bond supply.
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Hungary has no plans to issue wholesale bonds in foreign currency markets next year, having raised more debt than expected in euros and yen in 2020.
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After a decade of slumber, the market for euro-denominated Hungarian covered bonds could be poised to reopen. Hungary covered bonds may have a low country ceiling credit rating but the market is well protected and could offer positive yields.
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The Russian Federation and the Republic of Hungary brought euro-denominated trades on Thursday, taking the opportunity to get funding done during good conditions in the run-up to the US Thanksgiving holiday, after which liquidity is expected to dry up.
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Hungarian oil and gas company Mol on Thursday raised a seven year bond in euros.
