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ÁKK begins prepping $2 billion bond release

Debt

Hungary’s Government Debt Management Agency (ÁKK) on Monday announced preparations for the issue of a 10-year dollar bond. The issue and pricing will depend on market circumstances, ÁKK said. ÁKK has mandated BNP Paribas, Citigroup, Deutsche Bank and Goldman Sachs to organise the issue.

Reuters learned that Hungary set initial price thoughts on the new 10-year US dollar benchmark note at 350bp-360bp over US Treasuries. Hungary will look to price the bond later today, according to the news service.

Earlier this month, National Economy Minister Mihály Varga stated that Hungary wanted to raise about $2 billion on international bond markets before year’s end. At that time, he said the next forex bond issuance would probably be in dollars.

Hungary last issued 10-year dollar-based bonds in February this year when it sold $2 billon of 10-year papers at 345 basis points over the corresponding US treasuries. Parallel with the 10-year issue, it also sold $1.25 billion of five-year bonds, which were issued at 335 basis points over the benchmark.

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