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ÁKK fulfills 37% of annual issue plan by end-March

Debt

The Government Debt Management Agency (ÁKK) said it had fulfilled 37% of its annual issue plan by the end of March with issuance of HUF 2.761 trillion, according to a report by state news wire MTI.

ÁKK issued HUF 1.719 tln of forint-denominated bonds for institutional investors, 52% of the target in the annual plan. Retail forint issues came to HUF 906 bln, 27% of the full-year target.

The agency said the central budget's liquidity reserves stood around 5.5% of GDP at the end of the first quarter.

It noted that the net financing requirement of the central budget is HUF 3.332 tln for 2021.

Hungary to issue green bond on Earth Day

ÁKK said Hungary would issue its first 30-year forint-denominated green bond on April 22, Earth Day.

The agency will issue the green bond on a quarterly basis and expects total issuance for the year to come to HUF 90 bln.

In addition, ÁKK said it will offer 15- and 20-year bonds every four weeks in the second quarter onwards, rather than biweekly as it did in the first quarter. Switch auctions will be held weekly from Q2, after being held biweekly in Q1.

FX debt ratio falls to 18.5%

The agency noted that the ratio of foreign currency debt within total state debt fell to 18.5% at the end of Q1 from 19.4% at the end of 2020 because of a FX debt repayment in March covered by a EUR 2.5 bln ten- and 30-year pre-financing bond issuance in November 2020.

ÁKK said it drew down 36% of its full-year EUR 1 bln target for FX loans by the end of Q1.

"ÁKK continues to maintain the possibility of actively managing FX debt similarly to previous years' practices in accordance with the ÁKK's strategic goal," it added.

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