Hungary issues green panda bond

Banking

Hungary has become the first country in the world to successfully issue a green "panda" bond - targeted at the domestic Chinese market - with a value of around HUF 50 billion, Finance Minister Mihály Varga said at a press conference on Tuesday, according to a report by state news wire MTI.

Varga said oversubscription for the RMB 1 bln, three-year bond panda bond was almost double.

The purpose of the issue was to draw in resources for the fight against climate change, ensure Hungary's continuous presence on Chinese financial markets and expand investor scope, thus diversifying the financing of state debt, he added.

week earlier, Government Debt Management Agency (ÁKK) head Zoltán Kurali said Hungary had mandated the Bank of China to arrange the issue of a yuan-denominated green panda bond. He said the aim of the transaction was to ensure Hungary's continuous market presence in China.

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