This can be issued in euros, yuan or dollars, or in all three currencies at once, he added. The ÁKK is in agreement with the Economy Ministry that the proportion of Hungary’s state debt denominated in foreign currency should be reduced under the 32% rate at present, he said.

If Hungary’s sovereign rating is upgraded, it will broaden its range of potential investors, Barcza said.

Upgrades usually cause yields to fall, but the scale of such a decline depends on the degree to which investors have already priced in the action.

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