The first auction will be held on September 28. MFB will issue HUF 10 bln of fixed-rate bonds, which run from September 30 until April 16, 2018. Bond series in the program will be issued with face value of HUF 30 bln-50 bln.
MFB would like to develop the local investor market and broaden their palette of instruments for raising funding, Bertalan said. The bonds will be tradable on the Budapest Stock Exchange from October 1. MFB plans two-, three- and five-year series of the bonds, depending on investor demand. Auctions of the bonds will take place every two or three weeks.
The lead managers and distributors of the program will be FHB Commercial Bank and Unicredit Hungary Bank. Takarék Bank and ING Bankʼs Hungarian branch will also be involved in distribution. MFB had total assets of HUF 1.258 trillion at the end of last year.
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