By Paul A. Harris
St. Louis, Jan. 10 - The Republic of Hungary priced a €1 billion issue of 3½% global bonds due July 18, 2016 (A1/A-/BBB+) on Tuesday at a 99.437 dollar price, giving a 15 basis point spread to mid-swaps, according to official press information.
The spread came in the middle of the mid-swaps plus 14 to 16 basis points guidance.
HSBC, Societe Generale and UBS were joint bookrunners. WestLB was the co-manager.
The press information stated that the transaction attracted significant demand from countries including Spain, Portugal, Italy and France, where investors had not traditionally been buyers of Republic of Hungary bonds.
The order book contained €1.5 billion of orders enabling the leads to price the bond in line with the secondary market levels, the news release said.
The proceeds will be used for general financing purposes.
| Issuer: | The Republic of Hungary
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| Amount: | €1 billion
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| Security description: | Global bonds
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| Maturity: | July 18, 2016
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| Bookrunners: | HSBC, Societe Generale and UBS
|
| Co-manager: | WestLB
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| Coupon: | 3½%
|
| Price: | 99.437
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| Spread to Bunds: | 9.7 basis points
|
| Spread to mid-swaps: | 15 basis points
|
| Ratings: | Moody's: A1
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| Standard & Poor's: A-
|
| Fitch: BBB+
|
| Trade date: | Jan. 10
|
| Settlement date: | Jan. 18
|
| Price talk: | Mid-swaps plus 14-16 bps
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