Main characteristics:

Amount:   GBP 500 million
Tenor:  10 years
Maturity:  May 6, 2014
Coupon:   5.5% p.a.
Issue price:  99,309%
Spread: September 2014 UKT + 53 bps (equalling to  € mid swap + 20 bps)

The deal was lead managed by HSBC Bank and Lehman Brothers. The new benchmark bond is an important step to widen the Republic’s investor base since two thirds of the issue went to UK accounts. Due to the more than twice oversubscribed book the bond was priced at the tighter end of the price guidance.

The proceeds will be used to re-finance public debt maturing in 2004.

Budapest, April 26, 2004