Hungary to extend forint-denominated yield curve

Debt

Hungary will launch a new, forint-denominated 2031-dated government bond at an auction on Thursday with an annual coupon of 3.25%, the Government Debt Management Agency (ÁKK) said yesterday in a technical update.

The new bond will be the longest-dated debt on the forint-denominated yield curve, currently ending in 2028. The new, HUF 10 bln, issue, maturing on October 22, 2031, will replace an earlier 15-year issue.

The other, three- and five-year bonds on offer on Thursday with coupons of 2.50% and 3.50%, respectively, are existing issues that will be reopened. ÁKK plans to sell a total of HUF 45 bln worth of the three bonds at the regular auction on Thursday.

The new bond is not the longest-dated debt of Hungary. It has a 2041-dated US dollar bond that it issued in 2011. No foreign currency issue is planned for this year.

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