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Franklin Templeton holdings of Hungarian debt drop

MNB

American asset manager Franklin Templeton's holdings of Hungarian government securities dropped by 2.2% in Q4 last year, as compared to the preceding quarter, and fell by a year-on-year 4.1% due to the forint weakening to the dollar, Hungarian business daily Napi Gazdaság reported today.

In the fourth quarter, Franklin Templeton's holdings of Hungarian debt dropped by $267.3 mln  as compared to the previous quarter, while holdings were down approximately half a billion dollars in year-on-year terms. The forint weakened almost 6% to the dollar in Q4 and slipped more than 20% for the full year, it was noted.

Franklin Templeton owns two large Hungarian bonds valued at approximately $369.3 mln and both are set to mature this year, one in February and the other in August, the paper said, adding that in 2014, the company held about 11% of Hungarian state debt.

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