Hungary

The Republic of Hungary won a €7.25bn order book on its debut in green bond markets on Tuesday, printing a €1.5bn trade.

The Republic of Hungary made a swift return to bond markets on Tuesday, selling its debut green bond deal just over a month after a €2bn dual tranche trade.

The Republic of Hungary made a jumbo return to euro markets on Thursday with its first hard currency trade since 2018. Bankers expect more trades from both the sovereign and its neighbours.

The Republic of Hungary has mandated a consortium of banks to lead a dual tranche bond issue in euros. The government's debt management body has increased its foreign currency issuance limits as a result of the spread of Covid-19.

Romanian telecoms giant Digi issued an €800m bond this week, offering investors exposure to risky but fast-growing eastern European economies. Digi is joining the long list of companies taking advantage of exceptionally favourable refinancing conditions in European high yield.

New sources of capital and new financing models are appearing for emerging markets borrowers as investors broaden the search for yield. As Mariam Meskin reports, traditional EM bank lenders and bond buyers now find themselves battling direct lenders and private capital markets

Hungarian gas and oil company MOL has extended part of an existing €555m revolving credit facility by one year, in what is one of the few sparks of activity in the country's syndicated loan market so far this year.

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.

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.

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.

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.