Franklin Templeton continues to sell Hungarian bonds

History

Franklin Templeton, one of Hungary’s largest creditors, will continue to sell its Hungarian bonds, despite bonds held by the investor falling to HUF 6.1 bln in Q3 from HUF 7.5 bln, Hungarian online daily hvg.hu reported yesterday citing data from portfolio.hu.

According to a report from online daily hvg.hu, the gradual selling of Hungarian government bonds by Franklin Templeton is a sign the investor is planning to exit Hungary. Apart from some bonds reaching expiration, the decline has also been attributed to Franklin Templeton selling its bonds, hvg.hu said.

The number of bonds owned by Franklin Templeton has declined since the beginning of the year. Hungarian government securities held by Franklin Templeton dropped 2.2% in Q4 last year, as compared to the preceding quarter, and fell by a year-on-year 4.1% due to the forint weakening to the dollar. By May, the Emerging Market specialist reduced its Hungarian debt exposure by HUF 432 bln. 

Analysts said in May that time would tell whether Franklin Templeton, which holds most of Hungary’s government securities, was selling because of concerns about the situation in Ukraine rather than something happening on the Hungarian market.

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