Arnold & Porter Represents Hungary in Its US$3 Billion Global Offering

March 31, 2014

New York and Washington, DC, March 31, 2014 - Arnold & Porter LLP's client Hungary recently closed a global offering of US$3 billion in debt securities via BNP Paribas, Citigroup, Deutsche Bank Securities and J.P. Morgan. The US$3 billion offering consisted of US$1 billion Notes due 2019 and US$2 billion Notes due 2024. The offering was one of the largest deals so far this year in the Central and Eastern Europe, Middle East and Africa (CEEMEA) region.

The Arnold & Porter corporate team was led by partners Whitney Debevoise in Washington, D.C. and Steven Tepper in New York. They were assisted by associates Marian Saxena in Washington, DC, Raquel Saavedra in New York, and Ben Kieft in London. Partner Cynthia Mann, based in New York, handled tax-related matters.

In 2011, Arnold & Porter shepherded Hungary through a blockbuster US$3 billion offering of its 6.375% Notes due 2021 and a US$750 million offering of its 7.625% Notes due 2041. The offering represented the largest Central and East European sovereign issue ever at the time and the first 30-year benchmark US Dollar issue from the CEE region.

Arnold & Porter has a long and distinguished history of advising international governments in financial transactions and related issues and undertakings. It has been active in representing the ministries of finance and central banks of many sovereign governments since well before the original debt crisis of the 1980s. It has also been involved in numerous financial transactions on behalf of sovereigns throughout Latin America, the Caribbean, Europe, Africa and Asia. Among its sovereign clients are Brazil, Colombia, Costa Rica, El Salvador, Honduras, Hungary, Israel, Turkey, Tunisia, Panama and Venezuela. In addition, the firm has represented and advised a number of the world's most prominent multilateral financial institutions, including the World Bank, the Inter-American Development Bank, the International Finance Corporation, OPIC, the European Bank for Reconstruction and Development, and the Bank for International Settlements, in significant financial transactions and other novel legal assignments.

Arnold & Porter LLP is an international law firm of nearly 800 lawyers with offices in Brussels, Denver, Houston, London, Los Angeles, New York, San Francisco, Silicon Valley, and Washington, D. C. The firm, founded in 1946, maintains more than 26 practice areas spanning a broad spectrum of the law, with a primary focus on litigation, transactional matters, and regulatory issues.


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