The Underwriting of Hungary’s Samurai Bonds including Green Bonds

25 February 2022

On 18th February 2022, Hungary successfully launched a multi tranche Samurai transaction (“the Transaction”) including Green Bonds (“the Green Bonds”). Following their first Green Samurai Bonds issuance in 2020, they issued 3-year conventional bonds and 5, 7 and 10-year Green Bonds again in Japan. The total issue size was JPY75.3 billion. Daiwa Securities Co. Ltd., a wholly owned subsidiary of Daiwa Securities Group Inc. and a sister entity of Daiwa Capital Markets Deutschland GmbH, acted as a Joint Lead Manager and managed the documentation for this issuance. Daiwa (*1) has acted as a bookrunner on 29 out of the total 36 deals which were issued by Hungary or Magyar Nemzeti Bank in the Yen market since 1985 (*2).

Hungary is strongly committed to fighting climate change and biodiversity loss in line with international efforts. Hungary published a Green Bond Framework (*3) (“this Framework”) in May 2020. The net proceeds from the issuance of the Green Bonds are intended to be allocated to finance or refinance, in whole or in part, expenditure within Hungary's central government budget contributing to Hungary's transition to a low carbon, climate-resilient and environmentally sustainable economy, as described in this Framework.

The Green Bonds saw demand from a wide variety of investors, and the total issue amount across the Green tranches reached JPY 59.3bn. The investors mainly consisted of Central Cooperatives and City Banks, followed by Life Insurance.

Daiwa Securities Group established the SDGs Promotion Committee in 2018, incorporating the perspective of SDGs into the foundation of our management strategy, and has endeavored to provide products and services contributing to the realisation of a sustainable society. In May 2021, we formulated the management vision "Vision 2030", aiming to realise the SDGs by creating a sustainable capital cycle with the core concept of "From savings to SDGs". The underwriting of the Bond is one of our ongoing efforts to contribute to the creation of a sustainable and prosperous society.


Summary Terms of the Transaction



  Issue Amount

  (JPY billion)






  3 years

  5 years


  7 years


  10 years







  Lead Manager

  Daiwa Securities Co. Ltd. (Docs) and two other banks










*1 Daiwa includes Daiwa Securities SMBC Co. Ltd..

*2 Data from Refinitiv Eikon

*3 This Framework can be accessed at

(Reference) Daiwa Securities Group's SDGs initiatives:

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Notes to editor

Daiwa Capital Markets ( is the wholly-owned investment banking arm of Daiwa Securities Group. The award winning firm provides integrated financial services including brokerage, capital raising, IPOs, M&A and other creative financial solutions to clients through a network of more than 20 offices across Asia, the Middle East, Europe and North America. Corporate finance and M&A advisory services are provided in Europe through DC Advisory (, a wholly owned subsidiary of Daiwa Capital Markets Europe Limited.


Daiwa Securities Group ( is one of the largest brokerage and banking groups in Japan and employs approximately 14,000 professionals worldwide providing comprehensive financial services, including retail brokerage, investment banking and asset management. Daiwa Securities Group has been in continuous operation in the financial services industry since 1902.


For more details, please contact:

Grant Lewis
Daiwa Capital Markets Europe Limited
5 King William Street, London, EC4N 7AX

+44 (0)20 7597 8106 

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