Hungary to sell Ft 85 bln of bonds at auction

Debt

Hungary plans to sell Ft 45 billion ($207 million) of bonds due October 2011 and Ft 40 billion of bonds maturing February 2016 at an auction Aug. 31. The five-year bonds have an annual coupon of 6%, while the 10-year bonds will pay 5.5% annual interest, the government's Debt Management Agency said on its Web site yesterday. The yield on the benchmark five-year bond jumped 14 basis points to 7.99% on the secondary market in Budapest yesterday, while the yield on the 10-year bond added 12 basis points to 7.64%. Hungary's local-currency long-term debt rating is A1 at Moody's Investors Service, four steps below the highest investment grade, and A- at Standard & Poor's, six levels from the top. The agency sells forint-denominated government bonds every second Thursday in Budapest.

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