Hungary
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Hungary still plans to issue renminbi debt in Panda bond format as well as a euro-denominated note following its successful placement of a dim sum note last month, György Barcza, CEO of AKK, Hungary’s debt management office, told GlobalCapital. -
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Despite Argentina soaking up $16.5bn of demand, other emerging market issuers also recorded high levels of oversubscription this week, suggesting EM is awash with cash and ideal conditions for the healthy pipeline of issuers due next week.
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Hungarian oil and gas company MOL Group rode the coattails of investor demand for European high yield corporates on Thursday to print a €750m seven year below 3%.
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China Bonds
Hungary landed a double milestone on Thursday as its first international bond in four years became the first dim sum bond since November 2015. And while the pricing of the deal has drawn criticism, it proved that RMB is a viable option for CEE sovereigns looking to diversify into Asian currencies.
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Hungarian oil and gas firm MOL Group is planning to refinance a five year credit facility and has also mandated banks for a euro-denominated bond, its first in the currency in four years.
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Hungary opened books for a three year offshore renminbi bond on Thursday with initial price guidance set at 6.50%. The deal is not only the debut RMB offering from the Hungarian government, but also the first public dim sum bond since November 2015.
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The Hungarian Export-Import Bank has asked banks to make proposals for a loan of up to $600m, according to a banker close to the deal. This will be the bank’s first syndicated loan in nine years.
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Budapest Bank, the bank that the Hungarian state bought from GE Capital last year, would be ready for an initial public offering if its owner chose to float it, the bank’s CEO said on Monday.
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Hungary may add more banks to the mandate for its potential dim sum bonds, said Andras Rez, deputy chief executive officer at the government debt management agency (AKK) in Hungary.
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Central and eastern European borrowers gathered in Vienna this week for Euromoney’s Central & Eastern Europe Conference and are not short of plans for the capital markets this year.
