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Hungary Yields Drop Before Government Bond Offering

Hungary sold more debt than planned at an auction today as investors bought the government’s 2022 forint bonds at the lowest yields in a year.

The government sold 67.5 billion forint ($301 million) of government bonds, 22.5 billion forint more than planned, including 15 billion forint of 2022 bonds at the lowest yield since August 2011. The forint gained 0.1 percent to 276.94 per euro at 5:50 p.m. in Budapest.

Non-domestic ownership of local government debt climbed to 4.57 trillion forint yesterday, the highest level since Bloomberg began tracking the data in 2002, as investors speculate that the European Union’s most-indebted eastern member will obtain a loan from the International Monetary Fund. The IMF concluded a week of “constructive” loan talks in Budapest, the lender said on July 26.

“The positive storyline is continuing and it seems everyone believes in an IMF deal,” Andras Sovany, a Budapest-based fixed-income trader at ING Groep NV, said by phone today.

The country sold 30 billion forint of bonds maturing in 2015 at an average yield of 6.84 percent, compared with 7.36 percent at the last sale of the same maturity on July 26. Investors also bought 22.5 billion forint of bonds maturing in 2017 at a yield of 7.09 percent, compared with 7.53 percent two weeks ago. Hungary sold the 2022 debt for an average yield of 7.33 percent versus 7.61 percent at the last auction.

Investors bid for a total of 160 billion forint of bonds, compared with 77.9 billion forint on July 26.

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