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Hungary issues renminbi-denominated sovereign bond

Thursday, April 14, 2016

Hungary’s Economy Minister Mihály Varga is to hold a press conference titled 'Hungary issued foreign currency bond’ at 3 P.M. on Thursday, an invitation to the event showed. Apparently, the press reports in the morning have been followed by an actual issuance.

Today, Hungary has issued yuan-denominated government bond, becoming the first country to do so in the Central and Eastern European region. Chinese-Hungarian relations in the financial field are further strengthened by the issue
, the invitation emailed by the Economy Ministry showed.

The process of the issuance was accelerated on Wednesday when the Government Debt Management Agency (ÁKK) mandated the Bank of China Ltd. to arrange a yuan-denominated sovereign bond of benchmark size.

2016.04.13 16:48
Hungary mandates Bank of China to arrange yuan bond issuance

International news agencies reported on Thursday morning that the yield on the 3-year bond will be around 6.5%.

2016.04.14 09:08
Hungary markets debut 3-year Dim Sum bond at 6.5% area

Reuters has reported not so long ago that Hungary is to raise 1 billion renminbi (EUR 137 mn) worth of 3-yr Dim Sum bond at a yield of 6.25%. In view of this, we may indeed called this an issuance of symbolic size, considering that at the end of last year Varga said the issuance could reach RMB 3 bn.

Source

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