Equity 2 September 2025, 8:54am

Demand for Hungarian government bonds among retail investors slowly picking up again

Portfolio

Last week, Hungarians bought HUF 53 billion worth of government securities, according to data from the Government Debt Management Agency (ÁKK), representing a 35% increase compared to the previous week's extremely low level. As usual, the two largest capital inflows were generated by the 6.5% interest rate Fixed Hungarian Government Bond (FixMÁP) and the Bonus Hungarian Government Bond, which currently has an interest rate of 7.10% and 7.12%.

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The ÁKK published its gross sales data for week 35, which shows how much money investors spent on which bonds. As usual, Fixed Hungarian Government Bond (FixMÁP) and Bonus Hungarian Government Bond were once again the favorites among savers.

Gross sales for week 35 were, ranked in order of popularity, as follows. The change compared to the previous week is shown in parentheses.

Fix Hungarian Government Bond (FixMÁP): HUF 23.45 billion (+30%)
Bonus Hungarian Government Bond (BMÁP): HUF 17.42 billion (+64%)
Treasury Savings Bond (KTJ): HUF 6.99 billion (+13%)
Hungarian Government Securities Plus and printed Hungarian Government Securities Plus: HUF 4.09 billion (+7%)
Premium Hungarian Government Bond (PMÁP): HUF 0.56 billion (+133%)

As a result, gross sales of government securities to the public totaled HUF 52.5 billion last week.

Hungary governmnent bonds 01 - weekly sales

When analyzing sales data, it should also be taken into account that, as a result of a change in April, distributors (such as banks and brokerage firms) can now also enter the primary market for retail government securities as buyers. Distributors may exchange their existing government securities for newly issued retail government securities with the aim of reselling them to retail investors at a later date.

With the figures for week 35 included, gross sales of forint-denominated government securities to retail investors have reached a total of HUF 3,737 billion this year. Of this, FixMÁP accounted for HUF 1,857 billion, BMÁP attracted HUF 1,065 billion, and KTJ, in third place, was purchased by investors for HUF 355 billion this year.

Based on mid-August portfolio data, the former favorite, the PMÁP, is still in the lead, but its portfolio is steadily declining, now down to HUF 4,210 billion. The second largest amount is held in the new favorite, FixMÁP, whose portfolio reached HUF 2,832 billion in mid-August. BMÁP is also growing steadily, with retail investors holding HUF 2,386 billion in this bond according to the latest data.