Chicago, Nov. 8 – Hungarian Export-Import Bank plc (Hungarian Eximbank) priced €1 billion of 6% senior notes due May 16, 2029 (BBB-/BBB), according to a market source.
The notes priced at 99.624 to yield 6.092%, or at mid-swaps plus 300 basis points.
Initial price talk was in the mid-swaps plus 325 bps area.
Goldman Sachs Bank Europe SE (billing and delivery), Erste Group, JPMorgan, ING and Raiffeisen Bank International were the joint lead managers.
Proceeds will be used for general corporate purposes.
The Regulation S notes will be listed in London.
The final order book was reported at over €3 billion.
The issuer’s notes benefit from a statutory surety in the form of an absolute and direct suretyship from the Hungarian state.
Hungarian Eximbank is based in Budapest.
| Issuer: | Hungarian Export-Import Bank plc
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| Amount: | €1 billion
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| Issue: | Senior notes
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| Maturity: | May 16, 2029
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| Bookrunners: | Goldman Sachs Bank Europe SE (billing and delivery), Erste Group, JPMorgan, ING and Raiffeisen Bank International
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| Coupon: | 6%
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| Price: | 99.624
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| Yield: | 6.092%
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| Spread: | Mid-swaps plus 300 bps, of Bunds plus 358.8 bps
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| Trade date: | Nov. 8
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| Settlement date: | Nov. 16
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| Ratings: | S&P: BBB-
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| Fitch: BBB
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| Distribution: | Regulation S
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| Price talk: | Mid-swaps plus 325 bps area
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| Marketing: | Investor call
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| ISIN: | XS2719137965
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