Hungary foreign bond issue to follow IMF agreement

MNB

The Hungarian government is committed to reaching an agreement with the IMF/EU as soon as possible, and a foreign bond issue will likely take place following the agreement, National Economy Ministry Deputy State Secretary Péter Benő Banai said at an online press conference on Thursday.

Banai was answering questions regarding the likelihood and timing of an agreement with the IMF and a foreign bond issue by the state of Hungary.

The ministry is watching market developments closely, Banai said, adding that the financing of the general government is stable and is secured from forint issues.

Hungary's government debt management strategy for 2012 targets financing this year's €4.8 billion in expiring fx debt through market issues worth €4 billion and the remaining €800 million in international development loans.

This year's foreign exchange expiries include about €3.4 billion repayment on loans granted under a 2008 EU/IMF standby agreement to the IMF, of which about €640 million was already repaid in February. The remainder is due in quarterly installments, with the next expiry worth about €925 million due in May-June. Other expiries include a Japanese yen 45 billion bond due in July and a €1 billion bond due in November.

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