November 28, 2019 / 11:48 AM / 9 days ago

Hungary sold over $9.38 bln worth of new retail bonds so far - minister

BUDAPEST, Nov 28 (Reuters) - Hungary’s government has sold over 2.845 trillion forints ($9.38 billion) worth of its new forint-denominated retail bonds so far, Finance Minister Mihaly Varga said on Thursday, state news agency MTI reported.

Prime Minister Viktor Orban’s government has been offering the five-year savings bond for the domestic retail market since June as his government pursues efforts to cut its reliance on foreign investors in debt financing.

The bond carries an initial yield of 3.5 percent, gradually rising to 6 percent at maturity, offering a premium over currently available retail bonds and bank deposits.

Foreign investors hold 4.333 trillion forints of Hungarian government bonds ($1 = 303.37 forints) (Reporting by Krisztina Than)

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