Press releases

Hungary returned to the EUR benchmark bond market for the second time in 2026 with a €3bn dual-tranche transaction. During the bookbuilding process, the €1.5bn 5-year and €1.5bn 10-year tranches attracted demand of up to three times the amount issued. Strong investor demand throughout the bookbuilding process enabled the issuer to tighten pricing significantly.

During the second quarter of the year outstanding auction demand and significant decrease of yields characterised the government securities market. As a result, the fulfilment of the 2026 Financing Plan of the Government Debt Management Agency Pte. Ltd. (“ÁKK”) exceeded the prorated until the end of the first half of the year. Supporting market sentiment and strong investor demand enabled ÁKK to finance the government debt and build up additional liquid reserves with yield levels lower than typical levels in the previous periods. The financial conditions for the operation of the state are ensured, financing of the public debt is stable. The prorated fulfilment ratio of the HUF 5,445 billion net financing need reached 108% for the first half of the year. During the first six months of the year, 124% of the amount planned for the same period was completed in case of retail government securities. Completion rate was 159% in case of HUF institutional financing and 60% in case of FX institutional financing. The structure of the financing is balanced, reserves are at an optimal level. As a clear signal of market trust, all three major rating agencies kept Hungary in the investment grade category.

The Government Debt Management Agency Private Company Limited by Shares („ÁKK Zrt.”) and Morgan Stanley Europe SE („MSESE”) have signed the Primary Dealer („PD") agreement as of July 1, 2026.

MSESE has held a Non-PD Market Maker status in the Hungarian government securities market since March 2023. Following this agreement, which will take effect on July 1, it will also be able to contribute to enhancing liquidity in the Hungarian forint government securities market and serving its clients in its capacity as a Primary Dealer (PD).

The purpose of the Primary Dealer Contract is to enable ÁKK Zrt., through the Primary Dealers, to publicly place the government securities, to make them available to investors as widely as possible and to ensure the liquidity of the government securities through the secondary market activities of the Primary Dealers.

Morgan Stanley Europe SE, headquartered in Frankfurt/Germany, is Morgan Stanley’s primary investment service hub for the business operations between institutional clients in the European Economic Area (“EEA”) and other Morgan Stanley Group companies. The company’s principal business units are the Institutional Equities Division, Fixed Income Division, Investment Banking Division and Capital Markets.

Please be informed that, due to an upgrade of the server environment supporting the akk.hu website, intermittent service disruptions are expected to affect access to ÁKK homepage from 3:30 pm. on Friday, 26 June 2026, until 8:00 am. on Monday, 29 June 2026.

We appreciate your understanding and patience.

The prorated fulfilment of the 2025 Financing Plan of the Government Debt Management Agency Pte. Ltd. (“ÁKK”) is reassuring and in line with expectations. The financial conditions for the operation of the state are ensured, financing of the public debt is stable. The fulfilment of the HUF 5,445 billion net financing planned for the whole year was favourable. During the first quarter of the year, 33% of the planned amount was completed in case of retail government securities. Completion rate was 99% in case of HUF institutional financing and 66% in case of FX institutional financing. Consequently, net issuance exceeded the prorated amount on all submarkets. The risk profile of the government debt portfolio remains adequate, the financing structure is balanced, reserves are high. Hungary's public finance remains sound; Hungary remained in investment grade category in case of all three main rating agencies which is a clear sign of market confidence.

On 7 January 2026 Hungary launched and priced its first international bonds in 2026. The yield of the EUR 2 billion long 7-year bond, which pays a fix coupon of 4.25% p.a. is 4.293%. The yield of the EUR 1 billion 12-year long green bond is 4.875% p.a. is 4.928%.

The deal was lead managed by BNP Paribas, Erste Group Bank, ING Bank, JP Morgan and Raiffeisen Bank International.

The fulfilment of the 2025 Financing Plan is favourable, the financial conditions for the operation of the state are ensured, financing of the state debt is stable. Until 30 September, 114.8% of the HUF 4,626 billion 2025 planned net issuance was completed in the amount of HUF 5,309 billion. The HUF 683 billion issued amount above the net financing need will cover maturities falling due during the remainder of the year. Until the end of the third quarter, 84.4% of the planned HUF 19,526 billion gross issuance (taking into account maturities) was completed.

On the 16 of June 2025 Hungary launched and priced its second international issue in 2025. The USD 1.5 billion 5-year fixed-rate tranche pays a coupon of 5.375% per annum, the USD 1 billion 10-year fixed-rate tranche has a coupon of 6% annually, and the USD 1.5 billion 30-year fixed-rate series pays 6.75% per annum. The reoffer-yield of the 5, 10 and 30 year series was 5.486%, 6.204% and 6.911% respectively.

The deal was lead managed by BNP Paribas, Citibank, Goldman Sachs Bank Europe SE, ING and J.P. Morgan.