As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 3/18/14  Hungary                           FWP                    1:26K  Hungary                           Merrill Corp-MD/FA

Document/Exhibit                   Description                      Pages   Size 

 1: FWP         Free-Writing Prospectus                             HTML     19K 

 

Filed Pursuant to Rule 433

 

Registration No. 333-191209

 

March 18, 2014

 

PRICING TERM SHEET

 

	4.000% Notes due 2019
Issuer:	Hungary
Format:	SEC Registered
Security:	4.000% Notes due 2019
Size:	US$ 1,000,000,000
Maturity Date:	March 25, 2019
Coupon:	4.000%
Interest Payment Dates:	Semi-annual on March 25 and September 25 in each year, commencing September 25, 2014
Day Count Convention:	ISMA – 30/360
Price to Public:	99.356%
Benchmark Treasury:	UST 1.500% due February 28, 2019
Benchmark Treasury Yield:	1.544%
Spread to Benchmark Treasury:	+ 260 bps
Yield:	4.144%
Expected Settlement Date (T+5):	March 25, 2014
CUSIP:	445545 AK2
ISIN:	US445545AK21
Anticipated Ratings:	Ba1 by Moody’s Investors Service, Inc.
	BB by Standard & Poor’s Ratings Services
	BB+ by Fitch Ratings, Ltd.
Joint Book-Running Managers:	BNP Paribas
	Citigroup Global Markets Inc.
	Deutsche Bank Securities Inc.
	J.P. Morgan Securities plc
Form:	The Notes will be book-entry securities in fully registered form, without coupons, registered in the name of Cede & Co., as nominee of DTC, in minimum denominations of US$2,000 and integral multiples thereof.

 

Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

 

 

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering.

 

You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling BNP Paribas at +1 (800) 854-5674, Citigroup Global Markets Inc. at +1 (800) 831-9146, Deutsche Bank Securities Inc. at +1 (800) 503-4611 or J.P. Morgan Securities plc at +44 (0) 20 7134 2468.