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HUNGARY CPI raises HUF 30 bln from green bonds

Investment & finance
Czech real estate developer CPI Property Group auctioned HUF 30 bln (app. EUR 86 mln) of senior unsecured green bonds with a ten-year bullet maturity on August 5th.

The bonds, which according to the company are Hungary’s first corporate green bonds, carry a coupon in Forint of 2.25 pct and were sold at a yield of about 2.02 pct. Bids totalled more than HUF 45 bln during the auction.

The issuer was group subsidiary CPI Hungary Investments, with an unconditional guarantee from CPIPG. Raiffeisen Bank acted as the sole mandated lead arranger on the offering.

The Bonds were issued under the National Bank of Hungary’s (MNB) Bond Funding for Growth Scheme (BGS), which is aimed at increasing the liquidity of the local bond market. CPIPG is only the second company from outside of Hungary to issue bonds under the BGS, following of Daimler in March 2020.

CPIPG is delighted with the success of this transaction and appreciates the strong support of the MNB. The group has now completed four green bond transactions in three currencies, an achievement matched by less than ten other corporate issuers around the world.
David Greenbaum, the CFO of CPIPG

The bonds have been admitted for trading on the xBond market of the Budapest Stock Exchange. The proceeds, which will be allocated in line with the guarantor’s Green Bond Framework, are to be used for general corporate purposes, which may include capital expenditure, acquisitions, developments, debt repayment or retention of cash.

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