Report: Hungary to issue yuan bonds in the near future

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Hungary is expected to issue yuan-denominated bonds sometime in the coming weeks, Hungary’s National Economy Minister Mihály Varga said today, Reuters reported.

“According to the results of the roadshow, we can conclude that the Hungarian securities are attractive,” the minister reportedly said at a conference in Vienna, commenting on the non-deal roadshow last week in Hong Kong and Singapore, Reuters said.

“So if the next few weeks offer favorable prospects, the issuance may take place” Varga said according to Reuters, noting that Hungary is rated Ba1 by Moodyʼs and BB+ by Standard & Poorʼs and Fitch.

Dow Jones reported on January 14 that Hungary was putting off its plan to issue yuan-denominated bonds due to market turmoil, however, a day later György Barcza, head of Hungaryʼs Government Debt Management Agency (ÁKK), said that chiefly market factors are expected to determine when and in what FX denomination Hungary will issue bonds while the size of the issues will be determined by demand for forint denominated government bonds.

That same day the National Bank of Hungary said it was supporting a plan to issue yuan-denominated bonds by the State of Hungary, and that it is of the view that all of Hungaryʼs 2016 foreign exchange needs can be met through the issue of yuan bonds.

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