June 2007
Best borrowers 2007: Best sovereign borrower – Central & Eastern Europe: Republic of Hungary
Worst of times overcome as investors look to the long term.
Good borrowers can always take advantage of favourable conditions to secure market access. But the very best borrowers can launch issues at even the worst of times. And times can hardly have been worse than in late September 2006 when the Republic of Hungary launched a €500 million tap of its November 2012 floating-rate note. While lead managers BNP Paribas and Dresdner Kleinwort were preparing to launch the latest in a series of liability management exercises for the sovereign, protesters were clashing with riot police outside the Hungarian parliament.
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