Hungary: bonds

The Hungarian government securities market is now a developed and mature market. Hungarian government bonds are issued for five benchmark maturities, namely two years, three years, five years, 10 years and 15 years, by the Government Debt Management Agency. In Hungary, the Government Debt Management Agency (ÁKK Zrt.) is responsible for debt management.
The Hungarian government bond is an interest-bearing government security with a maturity longer than 1 year. Currently, it is issued for four benchmark maturities, namely 3 years, 5 years, 10 years and 15 years.
Corporate bonds are a well-known and growing feature of the Hungarian capital markets, although market volatility can open or close the windows of access. Commercial paper is another option in the Hungarian fixed income market.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
HUF 179 20 848 240 591 869
USD 8 14 500 000 000
EUR 6 4 866 395 764
CNY 1 1 000 000 000
JPY 1 25 000 000 000
municipal
HUF 2 5 000 000 000
corporate
HUF 125 1 219 029 556 910
EUR 35 5 416 847 300
USD 9 2 461 181 400

Sovereign rating

Rating AgencyRatingRating scaleDate
RIA Rating *** Sovereign ratings ***
Dagong Credit *** International scale rating (foreign curr.) ***
Dagong Credit *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
National Rating Agency *** Global scale ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Hungary, TB 20sep2017 3m - Domestic bonds HU0000521604 0% 19 999 960 000  HUF 06/13/2017 09/20/2017
Hungary, TSBP 2 7jun2018 - Domestic bonds HU0000602339 2% 1 765 115 098  HUF 06/12/2017 06/07/2018
Hungary, IBTB 2 13jun2018 12m - Domestic bonds HU0000550157 2% 41 244 250 000  HUF 06/12/2017 06/13/2018
Hungary, IBTB 1.5 13dec2017 6m - Domestic bonds HU0000550199 1.5% 13 363 620 000  HUF 06/12/2017 12/13/2017
Hungarian Development Bank, 1.5% 26oct2022, HUF - Domestic bonds HU0000357702 1.5% 4 500 000 000  HUF 06/12/2017 10/26/2022
Hungary, TSBP 2 30may2018 - Domestic bonds HU0000602321 2% 2 118 314 528  HUF 06/06/2017 05/30/2018
Hungary, IBTB 2 7jun2018 12m - Domestic bonds HU0000550082 2% 46 223 990 000  HUF 06/06/2017 06/07/2018
Hungary, IBTB 1.5 6dec2017 - Domestic bonds HU0000550140 1.5% 11 899 940 000  HUF 06/06/2017 12/06/2017
Hungary, TB 23may2018 12m - Domestic bonds HU0000521596 0% 39 999 880 000  HUF 06/01/2017 05/23/2018
Hungary, TB 6sep2017 3m - Domestic bonds HU0000521588 0% 19 999 970 000  HUF 05/30/2017 09/06/2017

World Bond Market Indicators

Monthly indices

Type May 2017 Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016
EU Long-term interest rates
Hungary, % 3.10 3.28 3.48 3.52 3.40 3.31 3.36
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World Bond market statistics

Monthly indices

Type May 2017 Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016
Domestic government bond market (Eastern Europe)
Hungarian govt Bonds outst., EUR bln (without Bills) 45.19 43.96 44.48 44.01 43.67 43.36 47.80
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Quarterly indices

Type I 2017 IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015
BIS volume of international-bond market of emerging countries
Magyar international bonds, USD bln 31.400 31.200 32.500 34.000 34.200 34.300 35.300
BIS net issues of international-bond market of emerging countries
International-bond net issue of Hungary, USD bln 0.000 0.500 1.600 0.200 -0.700 -0.600 0.000

Emerging Markets International Bonds

Monthly indices

Type May 2017 Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016
Eastern Europe International Bonds Markets
International bonds of Hungary, USD bln 26.593 26.925 27.503 27.513 27.712 27.432 27.962
Sovereign international bonds of Hungary, USD bln 18.697 19.196 19.084 19.053 19.137 19.008 19.051
Corporate international bonds of Hungary, USD bln 7.896 7.728 8.419 8.460 8.575 8.424 8.911
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Credit Risk Indicators

Daily indices

Type: 01/06/2016 01/05/2016 01/04/2016 12/31/2015 12/30/2015 12/29/2015 12/28/2015
CDS Emerging markets (sov.) 
CDS 5Y Hungary mid * * * * * * *
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Macroeconomic Indicators (World economy)

Monthly indices

Type May 2017 Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Hungary) 2.10 2.20 2.70 2.90 2.30    
Consumer Prices Indices (CPI, Global)
HICP hungary, Monthly rate of change, %  0.20 0.40 0.00 0.30 0.40 0.40 0.00
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Yearly indices

Type 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Hungary) 74.10 75.30 76.20

JP Morgan

Daily indices

Type: 10/30/2013 10/29/2013 10/28/2013 10/25/2013 10/24/2013 10/23/2013 10/22/2013
EMBI Global (publication was suspended since 30.10.2013) 
EMBI Global Hungary * * * * * * *
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Hungary, 2.110% 26oct2017, JPY   JPY 10/26/2017 05/18/2016 **.** *.** 05/18/2016 ***.* *.**
Hungary, 3.50% 18jul2016, EUR   EUR 07/18/2016 05/18/2016 ***.**** *.** 05/18/2016 ***.** *.**
Hungary, 3.875% 24feb2020, EUR   EUR 02/24/2020 05/18/2016 ***.* *.** 05/18/2016 ***.*** *.**
Hungary, 4% 25mar2019, USD   USD 03/25/2019 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Hungary, 4.0% 20may2016, CHF   CHF 05/20/2016 05/18/2016 *** *.** 05/18/2016 ***.** *.**
Hungary, 4.125% 19feb2018, USD   USD 02/19/2018 05/18/2016 ***.* *.** 05/18/2016 ***.* *.**
Hungary, 4.375% 4jul2017, EUR   EUR 07/04/2017 05/18/2016 ***.*** *.** 05/18/2016 ***.**** *.**
Hungary, 5.0% 9may2017, GBP   GBP 05/09/2017 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Hungary, 5.375% 21feb2023, USD   USD 02/21/2023 05/18/2016 ***.*** *.** 05/18/2016 ***.* *.**
Hungary, 5.375% 25mar2024, USD   USD 03/25/2024 05/18/2016 ***.**** *.** 05/18/2016 ***.** *.**
Hungary, 5.75% 22nov2023, USD   USD 11/22/2023 05/18/2016 ***.**** *.** 05/18/2016 ***.** *.**
Hungary, 5.750% 11jun2018, EUR   EUR 06/11/2018 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Hungary, 6.0% 11jan2019, EUR   EUR 01/11/2019 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Hungary, 6.25% 25apr2019, CNY   CNY 04/25/2019 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
Hungary, 6.250% 29jan2020, USD   USD 01/29/2020 05/18/2016 ***.** *.** 05/18/2016 ***.* *.**
Hungary, 6.375% 29mar2021, USD   USD 03/29/2021 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
Hungary, 7.625% 29mar2041, USD   USD 03/29/2041 05/18/2016 ***.**** *.** 05/18/2016 ***.* *.**
Bank of China (Hungary Branch), FRN 2018, EUR   EUR 06/30/2018 05/18/2016 ***.** * 05/18/2016 ***.* *
Gedeon Richter, 3.375% 2apr2019, EUR (Conv.)   EUR 04/02/2019 05/18/2016 ***.** -*.** 05/18/2016 ***.** -*.**
Hungarian Development Bank, 2.375% 8dec2021, EUR   EUR 12/08/2021 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
Hungarian Development Bank, 5.875% 31may2016, EUR   EUR 05/31/2016 05/18/2016 ***.** *.** 05/18/2016 ***.** -*.**
Hungarian Development Bank, 6.25% 21oct2020, USD   USD 10/21/2020 05/18/2016 ***.*** *.** 05/18/2016 ***.* *.**
Magyar Export-Import Bank, 2.125% 13feb2019, EUR   EUR 02/13/2019 05/18/2016 ***.** *.** 05/18/2016 ***.** -*.**
Magyar Export-Import Bank, 2.125% 15feb2019, EUR   EUR 02/15/2019 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Magyar Export-Import Bank, 4% 30jan2020, USD   USD 01/30/2020 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Magyar Export-Import Bank, 5.5% 12feb2018, USD   USD 02/12/2018 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
MOL Hungarian Oil and Gas, 2.625% 28apr2023, EUR   EUR 04/28/2023 05/18/2016 **.** *.** 05/18/2016 **.*** *.*
MOL Hungarian Oil and Gas, 5.875% 20apr2017, EUR   EUR 04/20/2017 05/18/2016 ***.* *.** 05/18/2016 ***.* *.**
MOL Hungarian Oil and Gas, 6.250% 26sep2019, USD   USD 09/26/2019 05/18/2016 ***.*** *.** 05/18/2016 ***.* *.**
Nitrogenmuvek, 7.875% 21may2020, USD   USD 05/21/2020 05/18/2016 ***.* *.** 05/18/2016 ***.*** *.**
OTP Bank, 5.27% 19sep2016, EUR   EUR 09/19/2016 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
OTP Bank, 5.875% perp., EUR   EUR 05/18/2016 **.** * 05/18/2016 **.* *
OTP Mortgage Bank, FRN 25oct2016, EUR   EUR 10/25/2016 05/18/2016 ***.**** * 05/18/2016 ***.**** *
OTP Mortgage Bank, FRN 28jul2017, EUR   EUR 07/28/2017 05/18/2016 **.**** * 05/18/2016 **.**** *
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