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(Updates with Hungary govt bond auction results, market
reaction)
By Anita Komuves and Krisztina Than
BUDAPEST, Aug 26 (Reuters) - Hungary cut back its government
bond sales on Thursday at its first auction since the central
bank announced on Tuesday that it would start winding down their
purchases, as markets were concerned about the effects of the
start of the tapering.
The Hungarian central bank raised its base rate by 30 basis
points to 1.5% on Tuesday to rein in inflation and said it would
trim weekly bond purchases to 50 billion forints ($168.79
million) from 60 billion starting this week.
The Government Debt Management Agency (AKK) auctioned three
series of bonds and sold 35 billion forints ($118.25
million)worth of government bonds versus a 55 billion offer.
The AKK sold 5-year bonds at an average yield of 2.31%, up
from 2.09% at the previous auction two weeks ago. Ten-year bonds
were sold at an average yield of 2.88%, up from 2.84%.
Fifteen-year bonds were sold at an average yield of 3.28%, up
from 3.17% at the end of July.
"With the central bank taking a step back, there is some
uncertainty at the market... investors will need a few more
auctions to become confident that yields will stabilise," a
fixed-income trader in Budapest said.
Yields have climbed up 4-6 basis points since the auction,
with yields rising the most in the middle section of the curve,
he said.
"Overall the National Bank of Hungary"s tapering steps seem
very cautious and is unlikely to deliver meaningful tightening
in monetary conditions," Citigroup analysts said in a note.
"Therefore, the FX and the interest rates channels remain
the key tools for the NBH to curb inflation."
The forint was down 0.28% on the day at 348.82 per
euro, after hitting a two-month high on Wednesday. Some analysts
said the NBH could slow the pace of its rate hikes from
September, with the strong forint helping to curb inflation.
Citigroup analysts said the expected rate hikes to slow to
15 basis points from next month if August consumer price data
confirmed easing of domestic pressures and the forint held
around 350 to the euros helping contain imported inflation.
Elsewhere, the Czech crown edged down 0.11% to
25.566.
The Polish zloty was little changed trading at
4.5740 against the common currency. The forint has outperformed
its peers, firming 4% this year, followed by a 2.6% rise by the
Czech crown.
Unlike the Hungarian and Czech central banks, which have
been hiking interest rates, the Polish central bank has stayed
put in the face of rising price pressures across the region.
"The situation on the zloty market is slightly improving.
This is mainly related to the recent improvement in moods in the
core markets," Maciej Madej, an analyst at DM TMS Brokers said
in a note. He added the zloty was still relatively weak compared
with regional peers because of different central bank policies.
Stocks in the region were mostly down, with Warsaw
leading losses, falling 0.4%.
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