Hungary government bond yields rise to 10-year high



(Updates with Hungarian government bond yield moves, trader comment)

By Anita Komuves

BUDAPEST, Sept 9 (Reuters) - Hungarian government bond yields rose on Friday, with yields on the long end of the curve reaching their highest levels since 2012 as investors priced in increasing interbank market rates and worried about rising inflation.

Yields on both end of the curve rose, with the yield on the benchmark 10-year bond rising to about 9.40%, the highest in 10 years, two fixed-income traders in Budapest said.

"The central bank's new liquidity-tightening measures are bound to raise interbank rates, which caused yields to rise on the short end by about 100-120 basis points. This drove the long end higher as well," a fixed-income trader said.

"I expect some profit-taking at this level and yields to go back to around 9% at the beginning of next week."

The National Bank of Hungary announced new measures last month to tighten forint liquidity in the interbank market.

The measures include a hike in banks' mandatory reserve ratio to 5% from 1%, central bank discount bill auctions and a long-term deposit instrument to reduce liquidity in the banking system.

Markets were also pricing in higher inflation as data showed on Thursday that August inflation rose to an annual 15.6%, with further rises expected from next month, another trader said.

Currencies in the CEE region were mostly stable after a highly anticipated meeting of European Union energy ministers earlier in the day.

The ministers tasked Brussels with drafting proposals to cap the revenues of non-gas fuelled power generatorsand and asked the European Commission to propose other emergency temporary measures including a gas price cap, but held back from endorsing a price cap specifically for Russian gas.

The forint EURHUF= gave up gains from earlier in the day and was trading at 397.15 per euro, still near three-week highs.

The currency has been supported by a drop in gas prices in the past week, which eases the burden on import-dependent Hungary's current account balance and budget, traders and analysts said.

Lower gas prices, "which has become the main driver of the region these days" support all CEE currencies that are now trading at their strongest since mid-August, ING wrote in a note.

The Polish zloty EURPLN= edged down 0.12% to 4.7110 per euro while the Czech crown EURCZK= slid 0.2% to 24.5620.

CEE

SNAPSH AT

MARKETS OT

1648

CET

CURREN

CIES

Latest Previo Daily Change

us

bid

close change in

2022 EURCZK Czech

<EURCZK 24.562 24.512 -0.20% +1.26 =

crown

=>

0

0

% EURHUF Hungary <EURHUF 397.15 397.20 +0.01 -6.99% =

forint =>

00

00

% EURPLN Polish <EURPLN 4.7110 4.7055 -0.12% -2.55% =

zloty

=>

EURRON Romania <EURRON 4.8980 4.8800 -0.37% +1.02 =

n leu

=>

% EURHRK Croatia <EURHRK 7.5260 7.5165 -0.13% -0.11% =

n kuna =>

EURRSD Serbian <EURRSD 117.30 117.33 +0.03 +0.24 =

dinar

=>

00

00

%

%

Note:

calculated from

1800

daily

CET

change

Latest Previo Daily Change

us

close change in

2022 .PX

Prague

.PX

1199.2 1172.2 +2.31

7

200

% .BUX

Budapes .BUX

40950. 40863. +0.21 -19.26

t

48

94

%

% .WIG20 Warsaw <.WIG20 1530.6 1473.1 +3.90 -32.48

>

3

8

%

% .BETI Buchare .BETI 11873. 11894. -0.18% -9.10%

st

35

18

.SBITO Ljublja <.SBITO 1073.4 1061.5 +1.12 -14.50 P

na

P>

1

4

%

% .CRBEX Zagreb <.CRBEX 1983.1 1981.0 +0.10 -4.63%

>

1

3

% .BELEX Belgrad <.BELEX 847.97 849.71 -0.20% +3.31 15

e

15>

% .SOFIX Sofia

<.SOFIX 605.20 606.67 -0.24% -4.79%

>

Yield Yield Spread Daily

(bid) change vs

change

Bund

in

Czech

spread

Republi

c

CZ2YT=

<CZ2YT= 6.3150 0.0900 +501b +11bp RR

2-year RR>

ps

s CZ5YT=

<CZ5YT= 5.3860 0.1370 +386b +18bp RR

5-year RR>

ps

s CZ10YT

<CZ10YT 4.8050 0.0470 +312b +7bps =RR

10-year =RR>

ps

Poland

PL2YT=

<PL2YT= 6.6580 -0.031 +536b -1bps RR

2-year RR>

0

ps PL5YT=

<PL5YT= 6.4110 -0.059 +489b -2bps RR

5-year RR>

0

ps PL10YT

<PL10YT 6.0140 -0.070 +433b -5bps =RR

10-year =RR>

0

ps

FORWARD

3x6

6x9

9x12

3M

interb

ank

Czech

<CZKFRA

7.41

7.39

6.99

7.26

Rep

><PRIBO

R=>

Hungary <HUFFRA 14.39 14.98 14.41 12.85

><BUBOR

=>

Poland <PLNFRA

7.33

7.33

7.18

7.16

><WIBOR

=>

Note:

are for ask

FRA

prices

quotes

****************************************

**********************


Additional reporting by Pawel Florkiewicz in Warsaw; Editing by Muralikumar Anantharaman and Alison Williams

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