Hungary’s yields fall to record low

EU

Hungary’s bond yields fell to a record as the European Union cut its forecast for the euro area, spurring speculation policy makers will need to bolster measures to revive economies. Yields on the government’s 10-year forint notes dropped 13 basis points, or 0.13 percentage point, to 5.065, Bloomberg said. The economy of the euro-area, Hungary’s biggest trading partner, will shrink more than previously expected in 2013, while the EU’s eastern member may grow 0.2% after contracting 1.7% last year, the European Commission said today. European Central Bank President Mario Draghi signaled yesterday that further reductions in rates were possible after cutting the main rate to a record 0.5%. The cost of insuring Hungarian bonds against non-payment fell six basis points today to a three-month low of 278, according to credit-default swap prices compiled by Bloomberg.

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