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Retail gov’t securities sales reach full-year target by June

Telco

Net sales of forint-denominated retail government securities came to HUF 960 bln in the first half, reaching the target for the full year, the Government Debt Management Agency (ÁKK) reported today.

The ÁKK’s issue schedule for this year, released in December, targets net issues of retail securities of HUF 1.008 trillion, comprised of net forint issues of HUF 1.979 trln and net FX redemptions of HUF 971 billion. Last year, net sales of retail forint government securities amounted to HUF 1.106 trln. 

Reaching the full-year net issue target by June was a first, the ÁKK said. State debt will temporarily rise as a result, but fall by year’s end on redemptions, it added.

State Treasury President József Dancsó told daily Magyar Idők today that sales of retail government securities are expected to reach HUF 100 bln in the second half of the year. This would suggest sales being reined in, but Dancsó said there is no specific sales target and the aim is to sell more government securities to retail investors. He noted that another 79 sales points for the papers are expected to be added to the existing network, while internet and mobile sales channels are set to be expanded.

The ÁKK data show stock of the government’s euro-denominated PEMAK bonds, mainly designed for retail investors, nearly halved to the equivalent of HUF 287.7 bln in the first half of the year.

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