Hungary's debt office cuts retail bond rates and shortens terms

The State Debt Management Centre (ÁKK) will close the current FixMÁP and MÁP Plus retail government bond series and launch new issues with a uniform 0.5‑percentage‑point reduction in interest rates. The new FixMÁP series will have a three‑year maturity instead of five, reflecting investors' preference for shorter terms. The changes take effect on 17 July 2026, the date households can first subscribe to the new bonds.

The rate cuts are attributed to a sharp decline in market yields, a slowdown in inflation and recent cuts to the central‑bank policy rate. New issue details include a 5.5 % rate for the 2029 Q1 FixMÁP series and a 5.0‑6.0 % range for the 2031 M5 MÁP Plus series, down from previous 6.0 % and 5.5‑6.5 % levels. A technical adjustment also enables purchases on Saturdays for the Premium Magyar Állampapír (PMÁP) series. The AKK emphasized that the revisions aim to preserve stability in the retail bond market.