Forint, Bonds Advance as Hungary Exceeds Funding Target at Debt Auction

The Hungarian forint rose for a second day and yields on the country’s debt fell after the government sold more bonds than planned at an auction.

The forint strengthened 0.5 percent to 285.35 per euro as of 11:42 a.m. in Budapest. The yield on the country’s bonds maturing in 2013 fell 6 basis points to 7.01 percent. It was little changed before the Debt Management Agency said it sold 70 billion forint ($312 million) of government debt at an auction today, 20 billion forint more than planned. Borrowing costs jumped.

To contact the reporter on this story: Piotr Skolimowski in Warsaw at pskolimowski@bloomberg.net

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