Turkish officials said that Hungary is in talks with Turkey and Azerbaijan to issue sovereign bonds in local currencies. Hungary is looking for new potential markets from which to raise debt financing. A major Turkish brokerage will do the planned issuance. Both the regulator and the Turkish Treasury are working on the regulation of the issuance. However, in view of the fact that Hungary is currently in talks with the IMF and the EU as well, this process might take some time as the government does not want to do any other transactions before the agreements. The deal could help strengthen Istanbul’s attempts to become a more important financial center globally.
