Futureal issues green bonds under BGS
Hungarian property developer Futureal issued a green bond with a nominal value of HUF 55 billion under the Bond Funding for Growth Scheme (BGS) of the National Bank of Hungary (MNB), according to gazdasagportal.hu.
Futureal said 70% of the issue was subscribed by institutional investors. In addition to the MNB, 12 banks, insurers, investment fund managers and assets management companies bought the papers.
Futureal founder and co-owner Gábor Futó said the developer is "proud to play an active role in re-starting the Hungarian economy," noting that it has more than one million square meters under development in the country. Auction data posted on the website of the Budapest Stock Exchange shows Futureal raised just over HUF 57.3 billion with the issue of the 10-year bond.
Futureal had offered HUF 50 bln of the securities and bids came close to HUF 57.8 bln. The average yield for the bond, which carries a 4% coupon, was 3.4652%, 100 basis points over midswaps.
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