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Green Eurobond Sale 4.5 Times Over-Subscribed, CNY Sale Continues Today

HUNGARY
  • The green €1bln bond sale yesterday drew and orderbook of over €4bln, prompting pricing to drop to 250bps over midswaps from 285bps.
  • Bond sales continue Tuesday, with book-building set for tomorrow on Hungary’s 3y CNY 2bln green panda bond. Pricing range seen between 3.20 – 3.80%.
  • GDP data came in below forecast for Q3, with prelim Q/Q at -0.4% vs. Exp. -0.1%, and Y/Y at 4.0% vs. Exp. 4.6%. The stats office flags that automotive, computer, electronics and optical/electrical equipment sectors were particular drivers of growth.
  • The government are to launch a fully independent energy ministry, as the government recognise the difficulties and importance of fuel prices on the domestic economy.

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