HUNGARY: NBH Governor, Deputy Governor to Speak at Event Later This Morning
Feb-29 08:14
- Central bank Governor Gyorgy Matolcsy and Deputy Governor Barnabas Virag will speak at an event in Budapest today at 09:00GMT/10:00CET, according to Bloomberg. Their speech follows the NBH rate decision earlier in the week, where a step up in easing to 100bps has since weighed on the forint. At typing, EURHUF is 0.15% in the red, but reached a high of 394.07 yesterday evening. The early August/late September highs of 394.67/394.65 are the next topside targets. Our decision for the February MPC meeting can be found here.
- Meanwhile, Hungary's producer prices rose 0.3% m/m in January versus -0.7% in December, according to the Central Statistical Office. Year-on-year, producer prices fell 6.8% compared to -7.2% the month prior, marking the sixth consecutive yearly contraction.
- Former US President Donald Trump will meet privately with Hungarian Prime Minister Viktor Orban at Trump’s club in Florida next week, the New York Times report. Trump has frequently praised Orban at rallies and in speeches since leaving the White House, with the NYT adding that their meeting is scheduled for next Friday.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
EGB SYNDICATION: German 30-year: Books open
Jan-30 08:12
- Guidance: 1.80% Aug-53 Bund (DE0001102614) +5.5bp area - MID
- Size: EUR Benchmark (MNI expects E3-4bln)
- Maturity: 15 August 2054
- Retention: The issuer will retain some bonds in a size to be specified
- Coupon: Fixed, Ann. ACT/ACT, long first on 15 August 2025
- Settlement: 6 February 2024 (T+5)
- ISIN: DE000BU2D004
- Bookrunners: BNP Paribas, BofA Securities, Citi (DM/B&D), Commerzbank, Credit Agricole CIB and J.P. Morgan
- Timing: Books open / today's business
From market source
STIR: SFRG4 94.9375/95.00 Call Spread Blocked
Jan-30 08:09
Latest block trade lodged at 07:44:50 London/02:44:50 NY, SFRG4 94.9375/95.00 call spread 3K lots blocked at 1.5, delta +14%. Market contact points to a buyer.
GILTS: Highlights of Annual GEMM / investor consultation meetings
Jan-30 08:09
- Both GEMMs and investors supported proportional reductions in long conventional issuance with increases in shorts/mediums.
- Both GEMMs and investors also supported less linker issuance - with GEMMs preferring a focus towards 10/20-year maturities rather than longer-dated issued.
- Both GEMMs and investors supported building out the green gilt curve with 5 and/or 20-year maturities. GEMMs supported around GBP10bln of green issuance.
- "A number of GEMMs" suggested T-bills should "make a positive contribution to financing in 2024-25." While "investors who offered an opinion generally supported" this too.
