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Lakatos, Koves & Partners Advises Lead Managers on EUR 1 Billion Sovereign Bond Issuance by Hungary

Lakatos, Koves & Partners Advises Lead Managers on EUR 1 Billion Sovereign Bond Issuance by Hungary

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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.

Hungary Knowledge Partner

Nagy és Trócsányi was founded in 1991, turned into limited professional partnership (in Hungarian: ügyvédi iroda) in 1992, with the aim of offering sophisticated legal services. The firm continues to seek excellence in a comprehensive and modern practice, which spans international commercial and business law. 

The firm’s lawyers provide clients with advice and representation in an active, thoughtful and ethical manner, with a real understanding of clients‘ business needs and the markets in which they operate.

The firm is one of the largest home-grown independent law firms in Hungary. Currently Nagy és Trócsányi has 26 lawyers out of which there are 8 active partners. All partners are equity partners.

Nagy és Trócsányi is a legal entity and registered with the Budapest Bar Association. All lawyers of the Budapest office are either members of, or registered as clerks with, the Budapest Bar Association. Several of the firm’s lawyers are admitted attorneys or registered as legal consultants in New York.

The firm advises a broad range of clients, including numerous multinational corporations. 

Our activity focuses on the following practice areas: M&A, company law, litigation and dispute resolution, real estate law, banking and finance, project financing, insolvency and restructuring, venture capital investment, taxation, competition, utilities, energy, media and telecommunication.

Nagy és Trócsányi is the exclusive member firm in Hungary for Lex Mundi – the world’s leading network of independent law firms with in-depth experience in 100+countries worldwide.

The firm advises a broad range of clients, including numerous multinational corporations. Among our key clients are: OTP Bank, Sberbank, Erste Bank, Scania, KS ORKA, Mannvit, DAF Trucks, Booking.com, Museum of Fine Arts of Budapest, Hungarian Post Pte Ltd, Hiventures, Strabag, CPI Hungary, Givaudan, Marks & Spencer, CBA.

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