Hungary continues its transformation from a market for capital-protected products to one where the focus is increasingly on structures that put capital at risk.

This process began three years ago, when the pressure of low interest rates saw local providers struggle to offer interesting products. It enabled foreign providers and issuers to enter the Hungarian market with capital-at-risk investment certificates – especially autocalls. Local providers with their traditional structured funds had to make way to solutions that better fitted the market situation. However, providers of riskier products still face competition from Hungarian government bond

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