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Hungary AKK plans limited moderate Eurobond issue in 2016

Thursday, December 17, 2015 10:23 AM UTC

Hungary's AKK, debt management agency, stated its 2016 borrowing plan on December 16, most of which were consistent with expectations, but it is worth to note that AKK announced issuing Eur 1 bn of Eurobonds.

This would be a modest volume, but however contradicts the central bank's latest guidance that there will likely be no FX issuance in 2016.

"AKK, which has the final call on this matter, obviously wants to take more advantage of favourable borrowing conditions before global bond yields begin to rise. If Eurobond issuance is kept to a minimum, Hungary's external debt/GDP ratio will decline by c.4pps by end-2016", says Commerzbank in a research note.

EUR 5bn of FX debt matures in 2016, including EUR 2bn of an EU loan and EUR 2.5bn in regular to Anti-Banner

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Hungary AKK plans limited moderate Eurobond issue in 2016

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