To syndicate heads in London and Frankfurt, it seemed like an act of suicidal machismo. The day after the Brazilian real had been devalued the Hungarian State Treasury launched the first ever 10-year local currency bond out of eastern Europe – a Ft12.5 billion ($58 million) domestic transaction which it hoped would be bought by European investors looking for yield.
“Totally insane,” was the comment of one bond salesman when told that the deal was going ahead.
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