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Europe Update: Rates Fall At Hungarian Auction
Business Insider is reporting that Hungary saw strong demand for its debt in an auction today, selling 44 billion forint, or $181 million. The goal of the auction was to raise some 33 billion forint through sales of notes maturing in 2014, 2017 and 2022.
Yields on the 10-year note have declined sharply over the past few days, with a 186 basis point (-1.86%) reduction today alone.
Recall there were reports Wednesday that Hungary was preparing to sign a letter of intent for emergency loans from the IMF.
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