Masterplast raises HUF 9 bln with BGS bond issue

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Listed building materials maker Masterplast raised a little more than HUF 9 billion in proceeds from a bond issued in the framework of the Bond Funding for Growth Scheme (BGS) of the National Bank of Hungary (MNB) on Monday, news agency MTI reports, citing auction data posted on the bourse's website.

Masterplast had offered HUF 9 bln of the bonds. Bids reached HUF 10 bln.

The 10-year bonds with a fixed coupon of 2.9% had an average yield of 2.86%, 10 bp over mid-swaps.

Scope Ratings upgraded Masterplast's issuer rating to BB- from B+ with a stable outlook ahead of the issue. Scope said Masterplast's entry into the personal protective equipment market as well as a healthy building materials market were behind the upgrade.

Masterplast entered the PPE market last summer with the acquisition of a German fleece maker with business partners in both the construction and the healthcare industries.

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