22
Fri, Nov
55 New Articles

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

Hungary
Typography

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

Established in 1957, Wolf Theiss is one of the leading European law firms in Central, Eastern and South-Eastern Europe with a focus on international business law. With 300 lawyers in 13 offices located in Albania, Austria, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Serbia, Slovakia, Slovenia and Ukraine, Wolf Theiss represents local and international industrial, trade and service companies, as well as banks and insurance companies. Combining law and business, Wolf Theiss develops comprehensive and constructive solutions on the basis of legal, fiscal and business know-how.

All News about, and Legal Analysis by, Wolf Theiss can be found here.

Firm's website: http://www.wolftheiss.com/

Our Latest Issue