Archive analysis

  • Monthly analysis – October

    2012. October 1.

    The summer’s over and both investors and bond issuers’ financial managers are back from theirholidays, with new bond issues following in quick succession around the world, and of course in Europetoo. We’ve picked the best of these, presenting a few …

  • How can we repay the IMF loans?

    2010. August 11.

    A review of the Hungarian IMF programme at the beginning of July revealed that the government was not a constructive negotiating partner, prompting the international body’s representatives to pack their bags. With the IMF’s departure, the opportunity has evaporated (at …

  • Let’s price in the 15/B!

    2010. July 11.

    The result of the 15/B auction on 1 July took some market players by surprise. Previously the bond, which pays variable interest twice yearly and matures in 2015, was typically quoted at a price of above 99; indeed, the average …

  • Estimating Hungarian bond yields

    2010. June 11.

    With an error-correction model

    In recent years the yields on 5-year Hungarian government bonds have fairly consistently followed the Itraxx Crossover index, which tracks the premiums on high-risk European corporate bonds. Meanwhile, yields on 10-year annual government securities have been …

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