MNB three-month FX swaps tender remains without bids
The National Bank of Hungary (MNB) received no bids for floating-rate three month EUR/HUF swaps at its regular weekly tender on Monday. The tender has not attracted demand for the fourth week in a row.
The MNB offered the usual €400 million floating-rate three month EUR/HUF swaps at a maximum price of 277.16 swap points on Monday.
With €285 million expiring on the March7 settlement day, the stock outstanding of the three-month EUR/HUF swaps will drop to €1.780 billion on Wednesday.
Interest in the facility was high, reflecting partly a seasonal year-end liquidity squeeze, in December and January, and the stock outstanding of the swaps reached an all-time high of €2.345 billion on January 25. The stock was below the respective one-year earlier levels in December but surpassed them in January.
The MNB operates two EUR/HUF swap facilities to banks, a one-day one operated daily and the three-month one once a week on Mondays.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.