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Development bank MFB privately sells bonds to savings coops

Initiatives

State-owned Hungarian Development Bank (MFB) said it privately placed HUF 10 bln in two-year bonds on Wednesday, Budapest news agency MTI reported yesterday.

The bonds were subscribed to by savings cooperatives, and the private placement was managed by Takarékbank, the central bank of the savings cooperatives, the bank said in a short statement. MFB did not reveal other conditions or the purpose of the placement. MFB manages the Savings Cooperatives Integration Fund, a state fund which backs the assets of SZHISZ, the organisation established to implement the government-mandated integration of Hungary's savings cooperatives in the summer 2013. The fund, established in autumn 2013, received state funding of HUF 136 bln late last year.

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