Bird & Bird has advised the Hungarian subsidiary of electronics manufacturer Flex on its HUF 100 billion primary offering of bonds. CMS advised lead arranger Raiffeisen.
According to Bird & Bird, the bonds were placed with the National Bank of Hungary and other institutional investors, are secured by a Hungarian law parent company guarantee of equivalent value from December 2021, and registered on the Xbond multilateral trading facility operated by the Budapest Stock Exchange.
"This transaction marks the entry of Flex into the growing Hungarian bond market with the support of the Bond Funding for Growth Scheme launched by the NBH on July 1, 2019," a firm press statement informed. "By increasing the liquidity of the bond market, the NBH intends to improve the efficiency of monetary policy transmission and to also encourage economic actors to rely on this type of financing, in addition to bank loans, to a sufficient proportion."
The Bird & Bird team was led by Partner Konrad Siegler and included Associates Gabor Szabo, Gyorgy Boros, and Anna Hetyesy.