The Szinorg Group, also including Hunép, closed a successful bond auction

Last summer, the Central Bank of Hungary launched its corporate bond purchasing programme, the framework amount of which was increased to HUF 450 billion last December. One of the conditions of the Bond Funding for Growth Scheme was for participating companies to receive an at least B+ credit rating. Two companies from Debrecen that earlier participated in the bond programme were the Master Goods group, owned by László Bárány and his family, as well as Trans-Sped, which received five billion Hungarian forints Bof capital through the transactions.

As Portfolio reported, Szinorg Universal Zrt., also from Debrecen, which is the holding company of Hunép, Hun-Office Kft., Hajdu-Alu Zrt. and HC Építő Kft., recently received a category B rating from Scope Ratings, with stable outlook, while the bonds of the company were given a B+ rating.

Szinorg Universal Zrt. could thus also participate in the Bond Funding for Growth Scheme, and it losed a successful bond auction on 13 May. The date of financial performance in case of the corporate bonds (SZU2030) is 15 May 2020, while the maturity date of the bonds is 15 May 2030. The bonds were offered at a nominal value of HUF 5 billion in total, while the nominal value of
the total offers submitted was HUF 5.8 billion. The total volume of bonds now issued was HUF 5 billion at nominal value, the amount of the capital received (nominal value x selling price x number of bonds) was HUF 4.83 billion.

The bonds have a fixed interest, the coupon rate is 3 percent. The average selling price is 96.67%, the average yield is 3.41 percent. Hunép Zrt., known as the building contractor for several major investments in Debrecen, is also a member of the Szinorg Group. One of the joint projects of the Group with the municipality of Debrecen was the Forest Offices, which was sold last year to a private investor.