Lakatos, Koves and Partners has provided Hungarian law advice and Clifford Chance London has acted as international legal advisor to joint lead managers Deutsche Bank AG, London Branch, BNP Paribas, Citigroup, and ING Wholesale Banking London and stabilization manager Deutsche Bank AG, London Branch in connection with Hungary’s issue of international bonds with a 1.75% coupon for EUR 1,000,000,000 on 4 October, 2017 maturing in 2027. The Hungarian state was advised by the Dr. Zsolt Szita Law Office on matters of Hungarian law and Linklaters on English law.
According to LKT, "bonds were sold at a price of 98.592% with an initial yield of 1.91%. Due to exceptional investor interest and substantial oversubscription (almost 5 times) of the new EUR bonds, the return premium was established in 1% above the 10 years mid-swap instead of the originally published indicative price of 1.25% above the 10 years mid-swap."
LKT’s team, led by Partners Szabolcs Mestyan and John Fenemore, acted as Hungarian legal advisors to the managers throughout the transaction, including the preparation of the Offering Circular, tax advice, and due diligence process.
