By Christine Van Dusen
Atlanta, March 18 - Hungary priced a combined $3 billion of five- and 10-year notes (expected ratings: Ba1/BB/BB+) on Tuesday in a Securities and Exchange Commission-registered offering, according to FWP filings with the SEC.
The issuer sold $2 billion 5 3/8% 10-year notes at 98.663 to yield 5.551%, or Treasuries plus 287.5 basis points.
The sovereign also sold $1 billion of 4% five-year notes at 99.356 to yield 4.144%, or 260 bps over Treasuries.
BNP Paribas, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities plc were the bookrunners for both tranches.
The proceeds will be used for general funding purposes.
| Issuer: | Hungary
|
| Description: | Notes
|
| Bookrunners: | BNP Paribas, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities plc
|
| Trade date: | March 18
|
| Settlement date: | March 25
|
| Expected ratings: | Moody's: Ba1
|
| Standard & Poor's: BB
|
| Fitch: BB+
|
| Distribution: | Securities and Exchange Commission registered
|
|
|
| Five-year notes
|
| Amount: | $1 billion
|
| Maturity: | March 25, 2019
|
| Coupon: | 4%
|
| Price: | 99.356
|
| Yield: | 4.144%
|
| Spread: | 260 bps over Treasuries
|
|
|
| 10-year notes
|
| Amount: | $2 billion
|
| Maturity: | March 25, 2024
|
| Coupon: | 5 3/8%
|
| Price: | 98.663
|
| Yield: | 5.551%
|
| Spread: | Treasuries plus 287.5 bps
|
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