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State Motorway to issue bonds

The State Motorway Management Rt (ÁAK) is expected to begin the issue of motorway bonds mainly to foreign institutional investors in two weeks' time, daily Népszava said. The total value of the issue is an estimated Euro 3 billion or Ft 700 billion, which will partly go toward covering existing construction costs as well as future costs. The National Motorway Rt (NA), who has managed the motorway construction so far, will get Ft 283 billion to repay its bank loans. The bond issue will be arranged by the Citigroup Global Markets Limited-Deutsche Bank AG consortium.