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Net issuance came to HUF 5.309 tln, HUF 683 bln over the full-year target. The issued amount over the net financing need will cover maturities that are due during the remainder of the year, ÁKK said.
Institutional investors’ contribution to net financing reached HUF 5.531 tln, including HUF 2.781 tln of FX issuance, the press release shows. Retail investors’ contribution was a negative HUF 222 bln as a single series, the 2025/N Bonus MÁP, with a stock of HUF 442 bln, matured on September 30.
Adjusted for that one-off, the retail contribution was a positive HUF 220 bln, ÁKK noted, adding that past experience shows around 70% of savings coming out of retail securities is reinvested.
Gross issuance came to HUF 16.487 tln at end-Q3, 84.4% of the full-year target.
It included HUF 8.988 tln of forint issuance to institutional investors and HUF 3.057 tln of FX issuance on international markets as well as FX loans.
ÁKK noted that FX bond auctions during the year, in EUR, USD and RMB, were oversubscribed.
“The combined presence of Western and Eastern currencies confirms that international investors treat Hungary as a reliable partner on the global financial stage, despite global challenges,” it added.
The share of FX debt of total state debt reached 30.7% at end-Q3, over the 30% benchmark, but still below the long-term historical average. The share held by households reached 21.4%.
“The fulfillment of the 2025 financing plan is favourable, the financial conditions for the operation of the state are ensured, financing of the state debt is stable,” AKK said.
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