Economy
Hungary to raise Chinese funds cheaper than last year
The book will open for the two billion renminbi (USD 290 mn) three-year bonds on 17 December, with settlement due on 19 December, reported Thomson Reuters' International Financing Review (IFR), the leading source of fixed income, capital markets and investment banking news and commentary.The bonds, to be issued in China's interbank market, will also be available to offshore investors through the Bond Connect link. The sovereign is rated AAA by China Lianhe.
Proceeds will be remitted offshore and converted into euros. The issuer’s future funding might include certain One Belt One Road initiatives.
Bank of China is joint lead underwriter and lead bookrunner on the offering, with HSBC as joint lead underwriter and joint bookrunner.
Hungary registered a RMB 3 bn Panda bond programme with the National Association of Financial Market Institutional Investors in June 2017. The country made its debut in the Panda bond market in 2017 with an offering of Rmb1bn three-year notes at 4.85%.In March this year, Hungary returned to the yen market for the first time in more than 10 years with a JPY 30 bn (USD 266 mn) three-year Samurai bond. Hungary is rated Baa3/BBB-/BBB- by global rating agencies.
Proceeds will be remitted offshore and converted into euros. The issuer’s future funding might include certain One Belt One Road initiatives.
Bank of China is joint lead underwriter and lead bookrunner on the offering, with HSBC as joint lead underwriter and joint bookrunner.
Hungary registered a RMB 3 bn Panda bond programme with the National Association of Financial Market Institutional Investors in June 2017. The country made its debut in the Panda bond market in 2017 with an offering of Rmb1bn three-year notes at 4.85%.In March this year, Hungary returned to the yen market for the first time in more than 10 years with a JPY 30 bn (USD 266 mn) three-year Samurai bond. Hungary is rated Baa3/BBB-/BBB- by global rating agencies.
