ÁKK mandates Bank of China Limited for yuan bond

Debt

Hungaryʼs Government Debt Management Agency (ÁKK) has mandated the Bank of China Limited to organize an offshore yuan-denominated bond issue, ÁKK told Hungarian news agency MTI yesterday.

The issue and the pricing of the benchmark-size dim sum bond, to be sold in a U.K. legal framework, will depend on market circumstances, ÁKK said. 

ÁKK wound up a non-deal road show in China in January in preparation for a yuan-denominated debt issue.

ÁKKʼs issue plan for this year includes €1 billion in FX bonds to be subscribed by international investors. 

National Economy Minister Mihály Varga said in December that Hungary could issue a yuan bond up to CNY 3 bln (€411 million) in 2016. 

Hungary must repay a CHF 200 mln bond in May and a €1 bln bond in July.

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