Hungarian residential developer Cordia has carried out a successful bond issue on 5 November (Cordia 2026/I). The financial settlement date is 7 November 2019, the maturity is 7 November 2026. The offered volume was HUF 40 billion at face value which attracted HUF 53.55 billion in bids. The amount of funds raised is HUF 44.4 billion.
The National Bank of Hungary (MNB) launched its corporate bond programme in July 2019, under which it is buying bonds issued by Hungarian corporations with a rating of at least B+ for up to HUF 300 billion. Over the last few months, Scope Ratings assigned ratings to several participating companies and added Cordia International Zrt. to this list in September.
Scope Ratings assigned a first-time issuer rating of BB to Cordia, with a Stable Outlook. Senior unsecured debt is rated BB, which is two notches higher than the minimum requirement set by the MNB.
