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Pullback Considered Corrective


Holding Above Recent Lows


BLOCK, Large 3Y Midcurve Put Condor

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  • Yesterday, we saw that the combined books for Hungary's 2031, 2051 USD Bonds was in Excess of $15.5B (source familiar with the matter).
    • Hungary's 2051 Bond Sized at $2.0B, UST+150 Bps;
    • Hungary's 2031 Bond Sized at $2.25B, UST+100 Bps.
  • Another 1 billion of 7Y Euro bond is expected (IPT: MS +75 a).
  • These euro/usd bond issuances are mostly done due to the delay in accessing EU funds because of the recent series of legate disputes with the EU .
  • As a reminder, Hungary requested a total of 7.2bn EUR in grants under the recovery fund.
  • Sell-side is split between 15bps and 30bps hike for the September 21 meeting as inflationary pressures remain firm in the CEE region (CPI inflation accelerated to 4.9% YoY in August)