EUR 500 million Floating Rate Note issue

On September 20, 2006 the Republic of Hungary launched and priced a €500 million increase of its Floating Rate Note due in 2012. The deal was lead managed by BNP Paribas and Dresdner Kleinwort.

The main characteristics of the transaction:

Amount: EUR 500 Million
Maturity: November 2, 2012
Coupon: 3 month Euribor + 0.05 % p.a.
Issue price: 98.89%
Reoffer yield: 3 month Euribor + 0.25 % p.a.

The bond was priced in line with the secondary market levels.

The proceeds will be used for general funding purposes.

September 20, 2006



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