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Hungary issues RMB 2 bln panda bond

Hungary sold RMB 2 billion in "panda" bonds targeted at the domestic Chinese market on Tuesday, Minister of Finance Mihály Varga told national news agency MTI.   

The Ministry of Finance

The three-year bond carries a 4.3% coupon. The issue was oversubscribed 1.7 times, Varga said, adding that the issue winds up Hungaryʼs RMB 3 bln panda bond program launched in 2017.

Hungary issued its first, RMB 1 bln of panda bonds in July 2017. That bond carried a coupon of 4.85%.

Varga noted that Hungaryʼs panda bonds were also available to international institutional investors, through Bond Connect, a novel mutual market access scheme that allows investors from mainland China and overseas to trade in each otherʼs bond markets.

In April 2016, Hungary issued a RMB 1 bln "dim sum" bond, targeted at international investors.