By Margit Feher
BUDAPEST--Jefferies International Ltd. and J.P. Morgan
Securities PLC have joined the group of banks that are primary
dealers of Hungarian government securities denominated in the local
currency, the forint, Hungary's state debt management center, known
as AKK, said Wednesday.
Jefferies and J.P. Morgan will be primary dealer candidates
until June 30, the AKK said on its website, and they could become
full members after six months.
Primary dealers buy government securities directly from the AKK
to resell them to other investors, making them market-makers.
In the second half of 2012, the top five primary dealers based
on the volume of Hungarian government bonds bought were Citibank
Europe PLC, part of Citigroup, ING Bank N.V., Deutsche Bank AG, BNP
Paribas SA and Hungary's largest retail bank OTP Bank Nyrt., the
AKK also said.
Jefferies was one of the lead managers in December of Hungarian
state-owned Export-Import Bank, or Eximbank Zrt.'s, $500 million
five-year bond issue, which had attracted $2.2 billion in bids.
Write to Margit Feher at margit.feher@dowjones.com