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WHEN HUNGARY ISSUED a €1 billion, seven-year bond last month, the deal completed a remarkable turnaround in fortunes for the central European state.
Less than three years ago Hungary was forced to turn to the IMF, World Bank and EU for a standby facility worth $25 billion after it became one of the biggest casualties of the global financial crisis. A heady mix of a high fiscal deficit – the worst in the EU – and sizeable public debt, especially in foreign currency, left Hungary exposed when liquidity dried up.
Now Hungary is a darling of the capital markets once more. The sovereign’s May deal was its third of the year and helped it complete its funding for the year.