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BUDAPEST, Sept 15 (Reuters) – Hungary has raised more than $4 billion (3.4 billion euros) in a dual-tranche bond transaction, selling 10-year and 30-year papers in a deal that was four times oversubscribed, Finance Minister Mihaly Varga said in a Facebook video on Wednesday.

Varga said Hungary would sell more euro-denominated bonds on Wednesday, details of which will be announced later in the day.

Refinitiv news service IFR reported on Monday that Hungary would launch a multi-tranche deal including both euro and dollar-denominated bonds, marking Hungary’s first dip back into dollars since a $3 billion bond issue in early 2014.

Hungarian debt agency (AKK) overhauled its 2021 financing plan on Monday, saying it would raise the equivalent of up to 4.5 billion euros ($5.3 billion), far more than expected to help cover a likely delay in European Union COVID recovery fund money.

The AKK said Hungary sold $2.25 billion worth of 10-year bonds with a 2.125% coupon and $2 billion worth of 30-year bonds with a 3.125% coupon, at 100 basis points and 150 basis points over corresponding U.S. Treasuries.

Hungary and Poland have both been at loggerheads with the bloc’s executive over issues ranging from LGBT rights to press freedoms. In July, the Commission launched legal action against the two over measures it says discriminate against the gay community.

Last November, Varga said Hungary would not issue more foreign currency bonds until at least the beginning of 2023 as Prime Minister Viktor Orban’s government pursued a strategy of curbing its reliance on foreign investors.

“Hungary’s unexpected rush to Eurobond markets shows the limits of its HUF-ization strategy, especially when EU fund disbursements are at risk,” Raiffeisen economist Stephan Imre said in a note.

“Despite the presumably win-win situation for the issuer due to cheap funding conditions and the still existent yield pick-up for (EUR based) investors, there remains a sour taste in that the Hungarian administration seems to be gearing up for a prolonged dispute with the EU.”

1 euro = $1.1815 Reporting by Gergely Szakacs; Editing by Kevin Liffey and Edmund Blair

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