Magyar Bankholding buys up 1/4 of BGS bonds

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Magyar Bankholding members Budapest Bank, MKB Bank and Takarék Group have subscribed 25% of bonds issued in the framework of the Bond Funding for Growth Scheme (BGS) of the National Bank of Hungary (MNB), excluding the securities purchased by the central bank, the lender said on Thursday.

Magyar Bankholding's participation in the program exceeds its 19% share of the lending market.

Magyar Bankholding's member banks have subscribed over HUF 140 billion of BGS bonds and are weighing participation in a further 10 issues at present.

MNB launched the BGS in the summer of 2019 with the aim of beefing up Hungary's relatively small corporate bond market. The program allocation stands at HUF 1.55 trillion.

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