Hungary
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Investors have queried if a private placement and green bonds are an attempt to deflect from EU dispute over primacy of rule of law -
Sovereign will face elevated funding costs, believes bond buyer, if it is forced to come to market over fight with bloc
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The sovereign now wants to privately tap existing bonds instead of arranging new private deals
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Hungarian bank clinches €150m more than its minimum target
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€500m note could start around 200bp wider than the bank's €400m July deal
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The sovereign is issuing a green Panda this week, despite investors’ concerns over its ESG policies
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The issuer is offering investors more than 50bp of new issue premium at initial price talk
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It can take years to prepare bonds in some markets, but that can bear fruit
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Euro market does not offer the size or duration it used to
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Hungarian bank's deal could be the last new issue from CEE until September
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Investors not keen on CEE as liquidity drops heading into July
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Recent deals from the likes of Unicaja will be a guide to pricing OTP
