MFB to auction EUR 50 mln of euro bonds on Dec. 18
The state-owned Hungarian Development Bank (MFB) will offer EUR 50 million of euro-denominated bonds maturing in July 2019 at a public auction on the Budapest Stock Exchange between 10 a.m. and 11 a.m. on December 18, the bank announced on the bourseʼs website on Friday, as reported by state news wire MTI.
The MFB set a minimum of EUR 25 mln and a maximum of EUR 60 mln for the sale of the MFBEU1907/1 bonds, which carry fixed annual interest of 0.01%, paid once, on maturity. They will run between December 20, 2017 and July 17, 2019.
The bonds will be distributed domestically, are tradeable without restrictions and are available to both domestic and foreign investors. The MFB will introduce the bonds to the Budapest Stock Exchange.
The bonds will be distributed by Erste Bank Hungary, FHB Commercial Bank, the Hungarian branch of ING Bank NV, TakarékBank, MKB Bank, OTP Bank, Raiffeisen Bank and UniCredit Bank Hungary.
The MFB as a foreign currency issuer is rated Baa3 with stable outlook by Moodyʼs, and BBB- with positive outlook by Fitch.
The bonds will be issued under a EUR 500 mln bond program the MFB launched in December 2016. Not including the current issue, the bank has issued EUR 200 mln bonds under the program so far.
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