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. Since last year, Scope Ratings has carried out the credit rating of Hungarian companies planning to issue bonds, and they published the evaluation of Szinorg Universal Zrt. in February, in the course of which Szinorg Universal Zrt. recently received a category B rating from Scope Ratings, with stable outlook. The bonds of the company were given a B+ rating, which is the minimum requirement of the Central Bank of Hungary for the given company to be included in the Bond Funding for Growth Scheme.
It was announced today that Szinorg Universal Zrt. closed 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. The HUF (mid-)swap closest to the maturity of the bond: 1.52 percent. Spread, relative to HUF swap: 189 base points.
Source: portfolio.hu
