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Hungary aims to raise up to EUR 4.5 billion in major FX bond sale

BUDAPEST/LONDON (Reuters) - Hungary's government debt agency (AKK) overhauled its 2021 financing plan on Monday, saying it would raise the equivalent of up to 4.5 billion euros...
Hungary aims to raise up to EUR 4.5 billion in major FX bond sale © Reuters. FILE PHOTO: The Hungarian national flag flies on the building of the National Bank of Hungary in Budapest January 10, 2013. REUTERS/Laszlo Balogh

BUDAPEST/LONDON (Reuters) - Hungary's government debt agency (AKK) overhauled its 2021 financing plan on Monday, saying it would raise the equivalent of up to 4.5 billion euros ($5.3 billion), far more than expected to help cover a likely delay in European Union's COVID recovery fund money.

Refinitiv news service IFR reported that the planned transaction, subject to market conditions, would be a multi-tranche deal including both euro and dollar-denominated bonds, which would mark Hungary's first dip back into dollars since a $3 billion bond issue in early 2014.

Last November, Finance Minister Mihaly Varga said Hungary would not issue more foreign currency bonds until at least the beginning of 2023 as Prime Minister Viktor Orban's government pursued a strategy of curbing its reliance on foreign investors.

Hungary and Poland have both been at loggerheads with the bloc's executive over issues ranging from LGBT rights to press freedoms. In July the Commission launched legal action against the two over measures it says discriminate against the gay community.

European Economic Commissioner Paolo Gentiloni said on Friday that the EU executive was still withholding approval for recovery money for the two countries as they have yet to address EU recommendations regarding the rule of law in their countries.

In July, Orban had flagged a two-month delay in talks with the EU over Hungary's pandemic recovery plan, saying the "ideological war" with Brussels would likely hamper access to funding.

Facing a tough election next year, Orban has grown increasingly radical on social policy to protect what he says are traditional Christian values from Western liberalism.

IFR said Hungary has mandated BNP Paribas (OTC:BNPQY), Citi, Goldman Sachs (NYSE:GS) Bank Europe SE and J.P. Morgan for a potential bond offering comprising dollar benchmarks across 10-year and 30-year maturities, as well as euro benchmark 7-year and/or 20-year tranches.

It said the transaction was expected to be launched and priced in the near future, subject to market conditions.

Viktor Szabo, a portfolio manager at ABRDN in London, said he expected Hungary to be able to sell the bonds as the country was viewed as a safe credit with a positive rating trajectory, adding however that it was raising some ESG question marks.

In its statement, the AKK said the new borrowing could also finance some 2021 expenditure and pre-finance part of the 2022 budget deficit. It said the government's budget deficit target for 2021 of 7.5% of gross domestic product was unchanged.

"The AKK has modified its 2021 financing plan in September, creating the scope for foreign currency bond issuance worth up to 4.5 billion euros to cover any possible delays in advance payments from the European Union's Recovery and Resilience Facility, certain 2021 government expenditures as well as pre-financing part of the 2022 budget deficit," it said.

Even so, the AKK said it aimed to keep the share of forex debt between 10% and 20% of the total debt stock.

($1 = 0.8490 euros)

ig right nyse right Neteller adver right
APPROVED BROKERS
Row 1 Left net_home_top Row 1 Right Row 2 Left Row 2 Center Row 2 Right Main Right TOP 07 Main Right TOP 06 Main Right TOP 05 Main Right TOP 04 Main Right TOP 03 Main Right TOP 01
28-09-2021 05:18:57 (UTC+7)

EUR/USD

1.1695

+0.0001 (+0.01%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (9)

EUR/USD

1.1695

+0.0001 (+0.01%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (9)

GBP/USD

1.3702

+0.0008 (+0.05%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (6)

USD/JPY

111.00

-0.01 (-0.00%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (6)

Sell (1)

AUD/USD

0.7287

+0.0001 (+0.01%)

Summary

Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (3)

Sell (1)

USD/CAD

1.2625

-0.0002 (-0.02%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (6)

Sell (2)

EUR/JPY

129.82

+0.04 (+0.03%)

Summary

Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (1)

Sell (5)

EUR/CHF

1.0826

+0.0003 (+0.03%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (5)

Gold Futures

1,750.65

+0.80 (+0.05%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (10)

Sell (1)

Silver Futures

22.642

+0.005 (+0.02%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (4)

Sell (1)

Copper Futures

4.2790

-0.0007 (-0.02%)

Summary

Neutral

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (4)

Sell (1)

Crude Oil WTI Futures

75.48

+0.07 (+0.09%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Brent Oil Futures

78.62

+0.01 (+0.01%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (4)

Sell (1)

Natural Gas Futures

5.920

+0.060 (+1.02%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (10)

Sell (0)

US Coffee C Futures

194.98

+0.63 (+0.32%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (5)

Sell (0)

Euro Stoxx 50

4,165.48

+6.97 (+0.17%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

S&P 500

4,443.11

-12.37 (-0.28%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

Sell (9)

DAX

15,573.88

+42.13 (+0.27%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

FTSE 100

7,063.40

+11.92 (+0.17%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (7)

Hang Seng

24,208.78

+16.62 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (0)

US Small Cap 2000

2,281.79

+33.71 (+1.50%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

IBEX 35

9,002.90

+129.80 (+1.46%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (4)

Sell (2)

BASF SE NA O.N.

64.740

+1.040 (+1.63%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (5)

Bayer AG NA

47.47

+0.99 (+2.13%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

Allianz SE VNA O.N.

196.19

+3.85 (+2.00%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (2)

Adidas AG

278.80

-2.77 (-0.98%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

Deutsche Lufthansa AG

6.561

+0.328 (+5.26%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (2)

Siemens AG Class N

147.27

-0.84 (-0.57%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (10)

Deutsche Bank AG

11.120

+0.285 (+2.63%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (5)

Sell (3)

 EUR/USD1.1695↑ Sell
 GBP/USD1.3702Sell
 USD/JPY111.00↑ Buy
 AUD/USD0.7287Buy
 USD/CAD1.2625↑ Buy
 EUR/JPY129.82Sell
 EUR/CHF1.0826Neutral
 Gold1,750.65↑ Buy
 Silver22.642Neutral
 Copper4.2790Neutral
 Crude Oil WTI75.48↑ Buy
 Brent Oil78.62↑ Buy
 Natural Gas5.920↑ Buy
 US Coffee C194.98↑ Buy
 Euro Stoxx 504,165.48↑ Sell
 S&P 5004,443.11↑ Sell
 DAX15,573.88↑ Sell
 FTSE 1007,063.40↑ Sell
 Hang Seng24,208.78↑ Buy
 Small Cap 20002,281.79↑ Sell
 IBEX 359,002.90Buy
 BASF64.740↑ Sell
 Bayer47.47↑ Buy
 Allianz196.19↑ Buy
 Adidas278.80↑ Sell
 Lufthansa6.561↑ Buy
 Siemens AG147.27↑ Sell
 Deutsche Bank AG11.120↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,665/ 5,715
(0/ 0) # 900
SJC HCM5,635/ 5,700
(0/ 0) # 885
SJC Hanoi5,635/ 5,702
(0/ 0) # 887
SJC Danang5,635/ 5,702
(0/ 0) # 887
SJC Nhatrang5,635/ 5,702
(0/ 0) # 887
SJC Cantho5,635/ 5,702
(0/ 0) # 887
Cập nhật 28-09-2021 05:18:59
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ↀ Giá vàng thế giới
$1,751.05+1.560.09%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-IV2204022480
RON 95-II,III2194022370
E5 RON 92-II2071021120
DO 0.05S1658016910
DO 0,001S-V1693017260
Dầu hỏa1564015950
ↂ Giá dầu thô thế giới
WTI$75.47+0.220.30%
Brent$79.40+0.460.57%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.630,0022.860,00
EUR25.993,7727.346,60
GBP30.324,2231.591,18
JPY200,45212,05
KRW16,7520,39
Cập nhật lúc 18:54:42 27/09/2021
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