ÁKK blasts “scare-mongering,” says €1 billion bond paid

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The Government Debt Management Agency (ÁKK) transferred all dues on a bond expiring on January 29 on Wednesday morning, according to a statement sent to national news service MTI. ÁKK transferred the necessary foreign exchange through the National Bank of Hungary (MNB) to the paying agent which will make the payments to bond holders, ÁKK said.

ÁKK noted that it had pre-financed the bond with a foreign issue last November. The €1 billion bond in question was issued in January 24 with a 4.5% annual coupon and expires today.

We consider rumor-spreading akin to malevolent scare-mongering that negatively affects markets,” ran the official statement in part. “We’ll take the necessary steps if needed.”

After tumbling past a rate of HUF 306 to €1 along with other emerging-market currencies due to a surprisingly aggressive rate hike by Turkey’s central bank but recovering before 11am CET, the forint weakened past HUF 310 to €1 by 2:30pm CET Wednesday to plummet to its lowest rate in more than two years.

– material from MTI was used in this article

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