Cordia raises HUF 37.6bn in bond auction

Cordia has raised HUF 37.6bn in a corporate bond auction. The Hungarian property developer offered HUF 36bn worth of 10-year bonds under the Bond Funding for Growth Scheme of Hungary’s central bank. Bidding totaled HUF 49.9bn. Cordia will use the proceeds from the bond sales to fund real estate projects and acquisitions as well as for working capital and refinancing outstanding loans. The developer has a BB issuer rating. Cordia is active not just in Hungary but in Poland and in Romania as well.