The state debt management agency (ÁKK) plans net forint securities issues of HUF 244 billion in June-August 2013, the new three-month issue plan on ÁKK’s website revealed. Except for a reduction for three-month discount T-bills, ÁKK did not change its per auction offers compared to its May-July plan. The fresh three-month issue plan still does not reflect increased stress on forint financing as proposed by the National Bank of Hungary (MNB) in its recently revealed Funding for Growth Scheme. MNB executive director Márton Nagy said early this week that no decision had been yet made on whether ÁKK would finance a part of this year’s FX expiries through forint bond issues in support of the MNB scheme as means to reduce the country’s short-term external debt. Net bond issues are planned to total HUF 199 billion in June-August. The figure is down from HUF 304 billion in May-July because there will be only six instead of seven fixed-rate bond auctions in the period, and AKK doubled the planned early buybacks, to HUF 120 billion compared to the previous three-month plan. There are no big bond expiries in either period.
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