MARKET QUARTERLY REPORT Q1 17
The deficit of the central government amounted to HUF 198.1 billion (about EUR.6 billion) in Q1 17. The net financing need were decreased by HUF 8. billion of the net balance of transfers from the European Union and other sources. Thus, the total net financing surplus amounted to HUF 1.1 billion in Q1 17. Net issuance was HUF 653.6 billion, out of which net HUF denominated issuance was HUF 66.6 billion and net foreign currency denominated issuance was HUF 7. billion. The total amount of other liabilities decreased by HUF 79. billion in Q1 17. ÁKK had set up benchmarks to maintain the optimal cost-risk characteristics of public debt. The 9-day moving average values of those benchmarks at the end of Q1 17 were as follows: The share of foreign currency denominated debt within the total debt decreased to.7. 1. of the foreign currency debt was denominated in euro. The fixed-floating mix of the foreign currency debt portfolio was 66.7-33.3. The fixed-floating mix of the HUF-denominated debt was 59.6 and. respectively. The duration of the HUF-denominated debt was.9 years. All benchmark targets were met in Q1 17. The 3 month short term yield and the 3-5-1-15 year long-term secondary market yields increased, but the 6-1 month yields decreased in Q1. The 3 month yield increased by 1 basis point, the 3-5 year yields increased by 3-8 basis points, the 1-15 year yields increased by 11-13 basis points, but the 6-1 month yields decreased by 1-6 basis points. At the end of the 1-year benchmark yield stood at.9, the 3-year yield at 1.1 and the 1-year yield at 3.9. The liquidity in the secondary market was lower than the previous quarter. OTC turnover of government securities in Q1 amounted to HUF 1,598.3 billion. Primary dealers, who account for the decisive part of all secondary government securities trading, made 81 of their secondary government securities deals with non-resident investors. The volume of non-resident holdings of Hungarian government securities decreased by HUF 95.7 billion from end- and amounted to HUF 3,36.8 billion at the end of. This amount represented 18. of domestic government securities. The credit rating of the long-term foreign currency denominated debt of Hungary was: BBB- (Standard & Poor s); Baa3 (Moody s); BBB- (Fitch) as at 31 17. The EUR/HUF exchange rate according to the National Bank of Hungary was 38.7 on the last working day of. Government securities QUARTERLY REPORT
MACROECONOMIC INDICATORS GOVERNMENT SECURITIES 8 9 1 11 1 13 1 15 16 January 17 17 17 GDP growth (yearly average) 1.7-6.5.6 1.7-1.5. 3.9 3.1 1.8 Industrial production 1. -17.8 1.6 5.6-1.8 1.1 7.7 7.5.9 1.6 7. 1. Unemployment rate () (3-month average) 7.8 1. 11. 1.9 1.9 1. 7.7 6.8 5.1.3..5 Consumer price index (yearly change) 3.5 5.6.7.1 5.. -.9.9 1.8.3.9.7 Consumer price index (yearly average) 6.1..9 3.9 5.7 1.7 -. -.1. Consumer price index (monthly change)... Producer price index (yearly change) 5.8 1.3 8.1 7.5-1.8.5.1-1.3.5... Producer price index (yearly average) 5.3.9.5..3.7 -. -.9-1.7 Producer price index (monthly change).8.3.3 Net lending position of housholds (HUF Bn) 3 79.9 1,6. 1,98.9 1,6.9 1,58.6 1,51.3 1,763.9,6.5 1,57.1 Current account of balance of payments (EUR M) -7,571.9-75. 73.8 753.9 1,751.8 3,89.,181. 3,713.5 6,357. Net direct investments (EUR M) 3,535.7-1,81.1 -,67.1-971.7 -,9.6-1,137.8 -,83.5-398.9 -,87.9 Balance of the central government budget (HUF Bn) 5-861.7-737. -835.7-1,83.6-6.1-979.8-837.1-1,195.9-771.6 65.9 1. -378.5 Balance of the central government budget (GFS, per cent of GDP) 5-3. -3.9 -. -5.7-1.8 -.7 -. -3.6 -. Balance of the central government budget (ESA, percent of GDP) 5-3.6 -.6 -.5-5.5 -.3 -.6 -.1-1.6-1.7 Central government gross debt (HUF Bn) 18,13.9 18,96.9,1.,955.5,7.1 1,998.6 3,881.1,699.7 5,3. 5,86.3 5,83.5 5,957.9 Central government gross debt (per cent of GDP) 66.9 7.1 7. 7. 7.3 73. 73.7 7.6 7.6 Net foreign debt (EUR M) 6 5,5.9 53,31.9 53,31.8 7,88. 5,373.1 37,5.1 3,91. 7,.7,7.8 Net foreign debt (per cent of GDP) 5.6 57. 5.3 6.7 5.9 37. 3.9.9 18. HUF/USD mid exchange rate at the end of period 187.91 188.7 8.65.68.93 15.67 59.13 86.63 93.69 9. 9.57 88.6 HUF/EUR mid exchange rate at the end of period 6.78 7.8 78.75 311.13 91.9 96.91 31.89 313.1 311. 311. 37.71 38.7 1 Same period of previous year = 1, working day adjusted 3 Non-consolidated data In case of yearly data: /previous, otherwise month/same month of the previous year Including intercompany loans 5 Excluding privatisation proceeds 6 Excluding intercompany loans Source: KSH, MNB, PM/NGM, ÁKK 1-year Hungarian and eurozone benchmark yields during the last twelve months 3 The exchange rate of the Hungarian Forint during the last twelve months 3 31 3 9 1 8 7-1 Source: Bloomberg, ÁKK 6 Source: MNB 1..16 1.5.16 31.5.16 3.6.16 3.7.16 9.8.16 8.9.16 8.1.16 7.11.16 7.1.16 6.1.17 5..17 7.3.17 1..16 1.5.16 31.5.16 3.6.16 3.7.16 9.8.16 8.9.16 8.1.16 7.11.16 7.1.16 6.1.17 5..17 7.3.17 1-year Hungarian sovereign benchmark yield 1-year euro benchmark yield 1-year Hungarian sovereign yield spread HUF/EUR exchange rate HUF/USD exchange rate Monthly balance of the central government budget (excluding privatisation proceeds) Gross borrowing requirement 3 Source: MNB 1 8 Source: NGM, ÁKK 1 6 1 1 1-1 - -3 - -5-6 -7 1 8 6 - -8 April 16 Budget balance excluding net interest payments Net interest payments Monthly balance January 17 - April 16 Monthly deficit (+) / surplus (-) of the central budget Redemptions January 17 Borrowing requirement of the Social Security and extrabudgetary funds Net balance of EU transfer prefinancing Dividend payments by NBH Total borrowing requirement 3 Government securities QUARTERLY REPORT
CENTRAL GOVERNMENT GROSS DEBT GOVERNMENT SECURITIES 9 1 11 1 13 1 15 16 January 17 17 HUF BILLION 1. Forint denominated debt 1,76. 1,978. 1,36. 1,. 1,976. 1,61. 16,7.9 18,3.9 18,85.6 18,887.5 19,37. 1.1. Loans 38.7 5.8 59.8 566.8 63.6 63.3 69.1 865. 877.1 877.1 877.1 1.. Government securities 1,37.5 1,37. 9,771. 11,75.6 1,37.8 13,988.7 15,513.8 17,565.8 17,975.5 18,1. 18,16. 1..1. Public issues 9,613. 1,19.6 9,368.1 11,77.1 1,18.3 13,87.7 15,6.3 17,56.7 17,936.3 17,971. 18,11. 1..1.1. Bonds 7,519. 7,965.8 7,353. 8,18.1 8,588.8 9,88. 11,3. 11,56. 11,58.8 11,183.9 11,369.7 1..1.. Discount T-bills 1,67.3 1,618. 1,5.9 1,96.5 1,9.9 1,588.6 91.6 896. 99.1 1,35.6 939.9 1..1.3. Retail securities 6.6 35.7 73.8 986.6 1,688.5,11.1 3,517. 5,67.9 5,13.5 5,751.7 5,811.6 1... Private placements.3 17.8 3. 398.5 19.5 11. 51.5 39. 39. 39. 39.. Foreign currency denominated debt* 8,68.5 8,8.8 1,17. 8,36.6 8,9.9 8,957.9 7,735.8 6,56.5 6,7.7 6,17.9 6,56.8.1. Loans,11.5,9.8,58.1 3,31.5,735.6,16.3 1,696.8 1,11.6 1,1.9 1,88.7 1,86.8.1.1. Foreign loans,11.5,9.8,337.9 3,9.,. 1,889.9 1,61. 1,97.6 1,96.9 1,8.7 1,86.8.1.. Domestic loans... 83.5 335. 7. 8.6...... Government securities,35.,55. 5,71.3 5,1.1 6,169.3 6,793.6 6,39. 5,15.9 5,169.7 5,19. 5,17.1..1. Issued abroad,35.,55. 5,71.3,9. 5,736.9 5,8.6 5,198.9,618.9,618.7,569.8,58.5... Issued domestically... 89.9 3.5 98.9 8.1 536. 551.1 559. 585.6 Total 18,9.8 19,81. 3.6,369. 1,881. 3,569.9 3,93.7,687. 5,13. 5,15. 5,9.3 Other liabilities.1..9 351.1 117.3 311. 756. 7.7 683.1 718.1 663.6 Total central government debt 18,96.9,1.,955.5,7.1 1,998.6 3,881.1,699.7 5,3. 5,86.3 5,83.5 5,957.9 Marketable HUF debt (1..1.1+1..1.+1..) 9,59.9 1,1.8 9,97.6 1,89.1 1,68. 11,577.6 11,996.5 1,98. 16.1 1,58.7 1,38.8 Gross debt/gdp 7.1 7. 7. 7.3 73. 73.7 7.6 7.6 *Foreign exchange debt is recorded at the mid exchange rate of the NBH at the end of the year/month. 17 Composition of HUF government securities as at 31.3.17 Currency composition of the foreign exchange debt portfolio before swaps as at 31.3.17* Retail government securities 1.7 Discount Treasury Bills 5.1 EUR.3 CNY.6 USD 55.7 Floating rate bonds 16. Fixed rate bonds 57. JPY.9 GBP.5 * Composition before swaps. By using cross-currency swaps, 1. of the actual foreign exchange debt of the central government was due in euros. Maturity profile of the central government gross debt over the next 1 months, as at 31.3.17 Duration and average term-to-maturity of the HUF and foreign currency debt portfolios 1 1 1 6 9 8 7 5 Milliárd forint 6 5 3 Years 1 3-1 - April 17 January 18 3.9.15 31.1.15 3.11.15 31.1.15 31.1.16 9..16 31.3.16 3..16 31.5.16 3.6.16 31.7.16 31.8.16 3.9.16 31.1.16 3.11.16 31.1.16 31.1.17 8..17 31.3.17 Discount Treasury Bills Government Bonds Foreign exchange debt Other debt HUF debt duration Foreign exchange debt duration HUF debt average term-to-maturity Foreign exchange debt average term-to-maturity Government securities QUARTERLY REPORT
GOVERNMENT BOND AUCTION RESULTS Government Bond /C /B 7/A 19/D /C /B 7/A 19/D /C /B 31/A 19/D /C /B ISIN code HU358 HU366 HU3118 HU316 HU358 HU366 HU3118 HU316 HU358 HU366 HU31 HU316 HU358 HU366 Maturity (in years) 3 5 1 3 3 5 1 3 3 5 15 3 3 5 Coupon () 1. 1.75 3..6 1. 1.75 3..6 1. 1.75 3.5.6 1. 1.75 Auction 1st auction 1st auction 1st auction 15th auction nd auction nd auction nd auction 16th auction 3rd auction 3rd auction 1th auction 17th auction th auction th auction Date of auction 5.1.17 5.1.17 5.1.17 1.1.17 19.1.17 19.1.17 19.1.17 6.1.17..17..17..17 9..17 16..17 16..17 Date of financial settlement 11.1.17 11.1.17 11.1.17 18.1.17 5.1.17 5.1.17 5.1.17 1..17 8..17 8..17 8..17 15..17..17..17 Redemption date 3.9. 6.1. 7.1.7 8.8.19 3.9. 6.1. 7.1.7 8.8.19 3.9. 6.1..1.31 8.8.19 3.9. 6.1. Maximum annual yield () - ISMA 1.. 3.6-1.35.11 3. - 1.1.1 3.99-1.58.3 Minimum annual yield () - ISMA 1.13 1.95 3.1-1.31.9 3. - 1.37.8 3.93-1.5. Average annual yield () - ISMA 1.17. 3. - 1.33.1 3.3-1..9 3.96-1.56. Maximum annual yield () - EHM 1.. 3.6-1.35.11 3. - 1.1.1 3.99-1.58.3 Minimum annual yield () - EHM 1.13 1.95 3.1-1.31.9 3. - 1.37.8 3.93-1.5. Average annual yield () - EHM 1.17. 3. - 1.33.1 3.3-1..9 3.96-1.56. Maximum price () 99.53 98.9171 98.1 99.61 98.915 98.1771 96.61 99.7 98.736 98.7 9.517 99.55 98.18 97.6 Minimum price () 99.833 98.58 97.658 99.51 98.767 98.711 96.99 99.5 98.565 98.1353 91.876 99.5 97.9968 97.685 Average price () 99.383 98.655 97.835 99.56 98.8339 98.19 96.163 99.58 98.667 98.1653 9.1697 99.53 98.53 97.571 Amount offered for sale (HUF million),. 15,. 1,. 1,.,. 15,. 1,. 5,. 18,. 15,. 1,. 5,. 18,. 15,. Amount of bids submitted (HUF million) 71,3. 3,. 18,3. 68,6. 56,85. 9,85. 59,6. 7,15. 61,5. 78,.. 15,7. 3,. 33,6. Amount of bids accepted (HUF million) 19,999.97 1,999.99 9,999.98 1,. 19,999.98 1,. 15,.,999.98 17,999.96,99.98 1,.,999.99 17,999.98 1,999.98 Bid-to-cover ratio 3.57.15 1.83 6.86.8.37 3.97 1.3 3. 3.8.5 3.1 1.9. Bids submitted (pcs) 57 5 31 55 5 5 68 19 6 68 5 1 9 5 Bids accepted (pcs) 7 3 1 9 13 13 3 18 3 5 3 1 Tail (average price - minimum price).1.11.17.5.7.5.7.13..3.3.3.6.6 Market sales (HUF million) 19,999.97 1,999.99 9,999.98 1,. 19,999.98 1,. 15,.,999.98 17,999.96,99.98 1,.,999.99 17,999.98 1,999.98 Non-competitive offer (HUF million),6. 1,935.55. 3,.,895.98 7,88. 1,56. 3.11 1,97.61 3,61.8 1,8. 1,. 1,3.6 3,9.8 Total amount sales (HUF million),6.37 16,935.5 9,999.98 13,.,895.96 8,88. 16,56. 5,3.9 19,97.57 5,961.8 11,8. 6,199.99 19,3. 18,9.6 GOVERNMENT BOND AUCTION RESULTS Government Bond 7/A 1/A /C /B 7/A 1/A /C /B 7/A 1/A /C /B 31/A ISIN code HU3118 HU995 HU358 HU366 HU3118 HU995 HU358 HU366 HU3118 HU995 HU358 HU366 HU31 Maturity (in years) 1 5 3 5 1 5 3 5 1 5 3 5 15 Coupon () 3..39 1. 1.75 3..39 1. 1.75 3..3 1. 1.75 3.5 Auction 3rd auction 15th auction 5th auction 5th auction th auction 16th auction 6th auction 6th auction 5th auction 17th auction 7th auction 7th auction 11th auction Date of auction 16..17 3..17.3.17.3.17.3.17 9.3.17 16.3.17 16.3.17 16.3.17 3.3.17 3.3.17 3.3.17 3.3.17 Date of financial settlement..17 1.3.17 8.3.17 8.3.17 8.3.17 16.3.17.3.17.3.17.3.17 9.3.17 5..17 5..17 5..17 Redemption date 7.1.7 3.6.1 3.9. 6.1. 7.1.7 3.6.1 3.9. 6.1. 7.1.7 3.6.1 3.9. 6.1..1.31 Maximum annual yield () - ISMA 3.58-1.5. 3. - 1.53.7 3.57-1.15.17 3.8 Minimum annual yield () - ISMA 3.56-1.5. 3.39-1.5. 3.56-1.1.15 3.76 Average annual yield () - ISMA 3.57-1.5. 3.3-1.5.6 3.57-1.13.16 3.79 Maximum annual yield () - EHM 3.58-1.5. 3. - 1.53.7 3.57-1.15.17 3.8 Minimum annual yield () - EHM 3.56-1.5. 3.39-1.5. 3.56-1.1.15 3.76 Average annual yield () - EHM 3.57-1.5. 3. - 1.5.6 3.56-1.13.16 3.79 Maximum price () 95.859 98.37 98.88 97.639 96.553 98.37 98.36 96.99 95.1139 98.35 99.5956 97.95 9.396 Minimum price () 9.9161 98.37 98.157 97.35 96.131 98.3 98.5 96.78 95.95 98.31 99.9 97.817 93.91 Average price () 9.996 98.37 98.15 97.517 96.38 98.33 98.37 96.31 95.698 98.33 99.557 97.859 9.3 Amount offered for sale (HUF million) 1,. 5,. 18,. 15,. 1,. 5,. 18,. 15,. 1,. 5,. 18,. 15,. 1,. Amount of bids submitted (HUF million) 63,5.,19.88 69,. 39,7. 3,9. 16,966. 3,9. 51,5.,375. 19,1. 53,85. 6,5. 3,1. Amount of bids accepted (HUF million) 1,999.97 7,5. 18,. 1,999.96 1,999.99 5,999.99 17,999.98 1,999.96 1,. 7,99.99 17,999.98,. 9,999.97 Bid-to-cover ratio. 3.3 3.8.65.33.83. 3. 3.53.55.99.8 3. Bids submitted (pcs) 55 7 67 58 6 5 5 56 9 8 56 6 Bids accepted (pcs) 7 6 3 3 1 3 1 9 13 17 3 Tail (average price - minimum price).7..6.9.1.3.....5..11 Market sales (HUF million) 1,999.97 7,5. 18,. 1,999.96 1,999.99 5,999.99 17,999.98 1,999.96 1,. 7,99.99 17,999.98,. 9,999.97 Non-competitive offer (HUF million) 5,199.96,76.,37.6 1,839.3,911.8,159.99,177.13,7.36.,93.33 6,599.97 8,8. 3,599.97 Total amount sales (HUF million),199.93 1,6.,37.6 16,839.8 19,911.81 8,159.98,177.11 17,7.3 1,. 9,793.3,599.95 3,8. 13,599.9 5 Government securities QUARTERLY REPORT
3-year government bond auctions 5-year government bond auctions 1 1 3, 1 8 3, 1 8 6, 1,5 6, 1, 1..16 8..16 1.5.16 6.5.16 9.6.16 3.6.16 7.7.16 1.7.16.8.16 18.8.16 1.9.16 15.9.16 9.9.16 13.1.16 7.1.16 1.11.16.11.16 8.1.16 5.1.17 19.1.17..17 16..17.3.17 16.3.17 3.3.17,5 1..16 8..16 1.5.16 6.5.16 9.6.16 3.6.16 7.7.16 1.7.16.8.16 18.8.16 1.9.16 15.9.16 9.9.16 13.1.16 7.1.16 1.11.16.11.16 8.1.16 5.1.17 19.1.17..17 16..17.3.17 16.3.17 3.3.17 1,5 1-year government bond 15-year government bond auctions 8 7, 5 7, 6,5 6 6, 5 3 3,5 3, 3 5,5 5,,5, 1 1 3,5 3, 8..16 1.5.16 6.5.16 9.6.16 7.7.16 1.7.16.8.16 1.9.16 15.9.16 9.9.16 7.1.16 1.11.16.11.16 8.1.16 5.1.17 19.1.17 16..17.3.17 16.3.17 19.9.13 1.6.1 3.1.1 11.1.1 16..15 11.6.15 3.9.15 1.11.15 18..16 1..16 3.6.16 18.8.16 13.1.16..17 3.3.17 INTEREST RATE RESETS OF FLOATING RATE GOVERNMENT BONDS IN Q1 17 Government bond Date of interest rate reset Interest period Date of interest payment Reset interest rate () Interest payable () 18/D 1.1.17.1.17..17..17.9.7 33/S 3.1.17 1..17 1..18 1..18 3. 3. 3/S 3.1.17 1..17 1..18 1..18 3. 3. 35/S 3.1.17 1..17 1..18 1..18 3. 3. 36/S 3.1.17 1..17 1..18 1..18 3. 3. 19/I 1..17 3..17 3..18 3..18 3. 3. 19/J 1..17 3..17 3..18 3..18 3. 3. 19/K 1..17 3..17 3..18 3..18 3. 3. 19/D 5..17 8..17 8.5.17 8.5.17..6 17/C 18.3.17.3.17.6.17.6.17.3.6 1/A.3.17 3.3.17 3.6.17 3.6.17.3.6 6 Government securities QUARTERLY REPORT
1 3-month Discount Treasury Bill and Liquidity Discount Treasury Bill auctions,6 13 1 1-month Discount Treasury Bill auctions 1, 8,5 11 1 1, 6,,3, 9 8 7 6 5,8,6,,1 3,.1.16 11.1.16 18.1.16 5.1.16.11.16 8.11.16 15.11.16.11.16 9.11.16 6.1.16 13.1.16.1.16 7.1.16 3.1.17 1.1.17 17.1.17.1.17 31.1.17 7..17 1..17 1..17 8..17 7.3.17 1.3.17 1.3.17 8.3.17, 1 7..16 1..16 5.5.16 19.5.16.6.16 16.6.16 3.6.16 1.7.16 8.7.16 11.8.16 5.8.16 8.9.16.9.16 6.1.16.1.16 3.11.16 17.11.16 1.1.16 15.1.16 9.1.16 1.1.17 6.1.17 9..17 3..17 9.3.17 3.3.17, PRIMARY DEALERS - AS AT 31 MARCH 17 BNP Paribas SA CIB Bank Zrt. CITIBANK Europe Plc. Deutsche Bank AG ERSTE Befektetési Zrt. Goldman Sachs International ING Bank N.V. J.P. Morgan Securities Plc. K&H Bank Zrt. Magyar Takarékszövetkezeti Bank Zrt. Merrill Lynch International MKB Bank Zrt. OTP Bank Nyrt. Raiffeisen Bank Zrt. UniCredit Bank Hungary Zrt. Benchmark yields in the past three months, 3,5 3, 3-month 1-year 3-year 1-year Percent, 1,5 1,,5,.1.17 9.1.17 16.1.17 3.1.17 3.1.17 6..17 13..17..17 7..17 6.3.17 13.3.17.3.17 7.3.17 Benchmark yield curves, 3,5 3, Percent, 1,5 3.1.16 31.3.17 1,,5, 1 3 5 6 7 8 9 1 11 1 13 1 15 16 Maturity in years 7 Government securities QUARTERLY REPORT
Secondary market trading of Hungarian government securities (OTC) Secondary market trading of Hungarian government securities (MTS Hungary trading) 6 5 Source: KELER, ÁKK 1 8 1 6 18, MTS Hungary 1 9 8 3 1 16 1 1 1 8 6 1 1 1 8 6 7 6 5 3 1 April 16 January 17 April 16 January 17 Bonds (left scale) Discount T-bills (right scale) Bonds (left scale) Discount T-bills (right scale) Breakdown of primary dealers' secondary market turnover in government bonds by investor groups in Q1 17 Breakdown of primary dealers' secondary market turnover in Discount Treasury Bills by investor groups in Q1 17 Households.1 Credit institutions 6.6 Brokerage firms.5 Primary dealers 6.5 Institutional investors.8 Companies.3 Public sector. Companies. Public sector 7.1 Foreign investors 3.1 Households 15.1 Credit institutions 16. Brokerage firms.5 Primary dealers. Foreign investors 81.1 Institutional investors 7. Primary dealers' trading with different investor groups in Q1 17 1, 11, 1, 9, 8, 7, 6, 5,, 3,, 1, Foreign investors Primary dealers Institutional investors Credit institutions Households Quarterly turnover Average deal size Brokerage firms Companies Public sector 1,8 1,6 1, 1, 1, 8 6 HUF million Government securities with the highest secondary market turnover in Q1 17 Government security Date of redemption Turnover () 5/B.6.5 1,889. 7/A 7.1.7 1,55. /B 6.6. 1,6. /A 1.11. 1,396. 1/B 7.1.1 1,8.5 3/A.11.3 977.7 /A.6. 967.3 19/C 3.1.19 893. /B.6. 73. 18/C.6.18 78.9 8 Government securities QUARTERLY REPORT
Non-residents' holdings of Hungarian government securities during the last year and the MAX index 3 8 3 75 Source: KELER 7 69 68 3 7 67 66 3 65 65 3 6 6 63 3 55 3 5 3 5 6 61 6 59 58 points 3 57 56 3 35 55 3 3 3 5 Non-residents' holdings (LHS) MAX Composite index (RHS) 5 53 5 51 3 5 1..16 3.5.16 3.6.16 5.7.16.8.16 5.9.16 5.1.16 7.11.16 7.1.16 9.1.17 8..17 1.3.17 HUNGARIAN GOVERNMENT SECURITIES INDICES Value of the index Annual yield earned on the index portfolio MAX index RMAX index MAX Composite index ZMAX index MAX index RMAX index MAX Composite index ZMAX index 3.1.16 77.96 55.681 69.3 53.9583 6.73 1. 6.39.81 31.1.17 71.697 55.615 689.3835 53.989. 1.18.3.78 8..17 7. 55.796 689.696 535.139 3.36 1.11 3..7 31.3.17 78.3611 551.191 695.3898 535.8.87 1.1.76.66 OUTSTANDING AMOUNT OF BENCHMARK GOVERNMENT BOND SERIES IN Q1 17 Government bond 31.1.17 8..17 31.3.17 REUTERS PAGES (CODES) main page: HUTREASURY /C 9.36 88.3 13.7 /B 5.8 9. 1.5 7/A 31.97 3.36 37.36 31/A 13.13 135. 135.3 Auction results are available from 11.3 (CET) HUISSUE HUAUCTION1 HUAUCTION HUAUCTION3 HUAUCTION HUBUYBACK HUEXCHANGE HURETAIL Secondary market data HUBONDFIX HUBONDAKK, HUBONDAKK HUBONDAKK, HUBONDAKK3 HUBONDINDEX1 HUBONDINDEX HUMAXCOMP1, HUMAXCOMP HUAKK1,HUAKK,HUAKK3 Other HUFLOATER HUBONDINFO Publication of the following issues and reverse auctions Discount T-bill auction results Government Bond auction results Non-competitive fixed rate bonds offer Non-competitive floating rate bonds Government Bond buyback auction results Government Bond exchange auction results 6-month Interest Bearing Treasury Bill underwriting results Benchmark yield fixing (updated during 1. -1.3CET) Best morning secondary market quotations Best afternoon secondary market quotations Hungarian Government Total Return Index (MAX), updated during 1.-1.3 CET Benchmark Indices for Governmnet Bonds BMX3Y-15Y (updated during 1.-1.3 CET) Hungarian Government Total Return Index (MAX) statistics MAX Composite Index Interest rate reset of floating rate bonds Primary Dealers FURTHER INFORMATION PAGES: Bloomberg pages (code): GDMA Homepage: www.akk.hu www.allampapir.hu 9 Government securities QUARTERLY REPORT