Hungarian artificial fertiliser maker Nitrogénművek said it issued as planned USD 200 million of seven-year international bonds on Tuesday. The bonds, issued in line with US regulations and expiring in 2020, were issued at par and pay a fixed 7.875% interest annually. Demand for the bonds exceeded USD 450 million, with interest from US, UK and other European investors, the company said. The transaction was lead managed by BNP Paribas and Raiffeisen Bank International. Standard and Poor’s and Fitch Ratings both assigned a ‘BB-‘ rating to the bond. Nitrogénművek noted that it was the second Hungarian corporate issuer after oil and gas company MOL who tapped international markets with a seven-year USD bond.
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