Hungary has successfully raised €3 billion ($3.4 billion) through an international eurobond issuance, marking its first external borrowing since the change of government, which has led to a significant decline in the country’s borrowing costs. Strong investor demand reflected renewed confidence in Hungary following the resignation of former Prime Minister Viktor Orbán.
Hungary’s Government Debt Management Agency issued two €1.5 billion bond tranches with maturities in 2032 and 2037. According to Bloomberg, total investor demand exceeded €8 billion—nearly three times the amount offered.
Analysts attribute the strong interest in Hungarian bonds to the country’s political transition following the April elections. The new Prime Minister, Peter Magyar, who succeeded Viktor Orbán after 16 years in office, has pledged to rebuild relations with the European Union, restore access to EU funding, and begin preparations for Hungary’s eventual adoption of the euro. These commitments have significantly improved the country’s standing among international investors.
Following the change in government, Hungary regained access to billions of euros in EU funds that had previously been frozen due to disputes between Brussels and the Orbán administration over rule-of-law concerns and the use of European funds.
Against the backdrop of these political changes, Hungary’s borrowing costs have declined markedly. The yield on Hungary’s outstanding eurobonds maturing in 2035 has fallen by nearly two percentage points from its March peak and stood at 3.94% at the beginning of the week.
According to Guillaume Tresca, a strategist at Generali Asset Management, investors increasingly view Hungary as a country that could eventually join the eurozone, making its debt securities more attractive. He noted that Hungary currently stands out among emerging markets thanks to its positive domestic narrative, which has helped reduce the country’s risk premium.
The proceeds from the bond sale will help the new government finance a widening budget deficit. Officials have already acknowledged that the fiscal shortfall will exceed previous forecasts after discovering that actual government spending under the previous administration had been significantly underestimated.
At the same time, analysts caution that further declines in Hungary’s borrowing costs may be limited. To maintain investor confidence, the government will need to stabilize public finances and meet the economic criteria required for potential euro adoption.
Market analysts believe Budapest may return to international capital markets later this year with a U.S. dollar-denominated bond issuance.
The current transaction marks Hungary’s first international bond sale since the change of government. Previously, under Viktor Orbán’s administration, Hungary raised €3 billion through a eurobond issue in January and, in March, increased the size of an existing U.S. dollar bond by $1.2 billion, with the proceeds directed toward financing pre-election spending.
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