Templeton reduces Hungarian bonds in its portfolio

MNB

Emerging Market specialist Franklin Templeton Investments has reduced its Hungarian debt exposure by HUF 432 bln, napi.hu reported yesterday. 

The exposure of the largest holder of Hungarian debt securities has recently fallen from 7.2% to 6.8%.

At the end of January Templetonʼs 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.

In the fourth quarter, Franklin Templetonʼs 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 in January.

Franklin Templeton holds large quantities of two series of Hungarian bonds valued at approximately $369.3 mln, both of which 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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