Templeton fund manager reportedly holds over 10% of Hungary’s government debt

MNB

US-based investment firm Franklin Templeton holds more than HUF 1,000bn, or over 10%, of Hungary’s forint- and foreign-currency-denominated debt, the business daily Napi Gazdasag reported, citing unnamed market sources on Tuesday.

The share is actually less according to figures by Hungary’s Government Debt Management Agency (AKK), which show gross central budget debt stock of HUF 21,069bn at the end of September, including HUF 15,524bn in forint and foreign-currency- denominated securities.

The sources said that Templeton has made extensive purchases of Hungarian government bonds over the past six months, including purchases at auctions. They noted that the fund manager had overweighted Hungarian stocks in the past, but it had not been active in bonds earlier.

Hungary’s Government Debt Management Agency (AKK) is in direct contact with primary dealers only at the auctions and has no information on the ultimate buyers, AKK deputy head Laszlo Andras Borbely told the daily. Information AKK receives from the Central Depository and Clearing House Keler shows only the foreign-registered stock, Mr Borbely added.

ADVERTISEMENT

European e-commerce soars during pandemic - study Analysis

European e-commerce soars during pandemic - study

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Chain Bridge to be closed for traffic for 18 months City

Chain Bridge to be closed for traffic for 18 months

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.