Main characteristics:

Amount:   USD 1,5 Billion
Tenor:  10 years
Maturity:  February 3, 2015
Coupon:   4,75% p.a.
Issue price:  99,669%
Spread: November 2014 UST + 57 bps (equalling to USD mid swap + 19 bps)

The deal was lead managed by Deutsche Bank and Morgan Stanley.
The new transaction is an important step to widen investor base of the Republic in US and Asia. Due to the significantly 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 2005.

Budapest, January 27, 2005