In a statement issued this week, ÁKK said issuance reached HUF 4.378 trillion in Q1, excluding switch auctions. Issuance at bond auctions reached HUF 1.016 tln, exceeding the plan by a net HUF 244 bln.

Based on developments in the first quarter, ÁKK modified its full-year financing plan, raising the issuance target at bond auctions by HUF 408 bln to HUF 5.515 tln and cutting the net financing target from retail securities by HUF 408 bln to HUF 915 bln.

The gross issuance plan was raised by HUF 2.407 tln to HUF 12.503 tln, or HUF 11.611 tln excluding switch auctions. Net issuance was unchanged.

The estimated stock of retail government securities and institutional government securities held by households reached HUF 13.125 tln at the end of March, implying an increase of HUF 233 bln from the end of December.

In addition to renewals of redemptions and maturities, part of interest payments also remained on the retail government securities market, a sign of investor confidence, ÁKK said.

Forint issuance on the institutional primary market reached HUF 1.2 tln, some 28% of the annual HUF 4.258 tln plan. ÁKK said 72% of the full-year FX issuance plan was fulfilled in Q1, noting the issue of EUR 2.5 bln of FX bonds in January.

ÁKK still plans to issue of EUR 0.5 bln of Euro Commercial Papers, in line with the plan. It also plans to issue panda bonds on the Chinese market in the remainder of 2025.

The average term-to-maturity of central government debt decreased to 5.6 years at the end of March, down from 5.8 years at end-2024, but still over the 5.5-year benchmark target.