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CA-CIB, Takarékbank and Gránit Bank subscribe HUF 35bn of MÁV bonds

CA-CIB, Takarekbank and Granit Bank on Wednesday said they subscribed HUF 35 billion of corporate bonds issued by state-owned Hungarian railway company MAV.

French-owned CA-CIB subscribed 29% of the issue; Takarekbank, a bank for Hungary's savings cooperatives, bought 63%; and Granit Bank, recently established by building industry magnate Sandor Demjan to help Hungary's SMEs out of the crisis, bought 8%.

The three-year bonds are guaranteed by the state.