Hungary's newly created HVB Mortgage Bank Rt., a subsidiary of Germany's HypoVereinsbank, is slated to become the country's second issuer of mortgage-backed bonds - heralding another step in the slow but steady10-year development of Hungary's fixed income market.

Details of the issue have not been finalized as yet, but the bank's managing director Peter Kocsis said the bank plans to raise a minimum of 10 million deutsche marks by early 2000 through the issuance of five- or seven-year bonds with coupons above the corresponding government rates.

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