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Hungary to price ₤500 mln bond issue 65-70bp over gilts

Hungary has set guidance for its forthcoming ₤500 million 10-year bond at 65 to 70 basis points over gilts, one of the lead managers told Dow Jones in London on Wednesday.

Barclays, Deutsche Bank and Lehman Brothers are lead managing the deal, which is rated A1 by Moody's, A+ by Standard and Poor's and BBB+ by Fitch Ratings.

Hungary last tapped the credit markets in early March with a JPY 50b seven-year samurai bond, which, priced at par, offered a coupon of 1.67%.