(Refiles to correct in 17th paragraph period since shekel
traded lower)
* Forint hits record low, Hungary 5-yr CDS at record high
* Kazakh SWF-controlled bank BTA misses coupon payments
* Broader emerging stocks hit 3-week highs
By Carolyn Cohn
LONDON, Jan 4 (Reuters) – Hungary’s forint hit a
record low on Wednesday as investors fretted about the country’s
access to international funding, while Kazakhstan’s BTA Bank
failed to make $160 million in coupon payments, raising a
default risk.
The forint fell 1 percent against the euro, Hungarian
domestic and foreign debt yields soared and the country’s debt
insurance costs hit record highs for a second day on fallout
from recent political developments.
The ruling Fidesz party pushed through a controversial
central bank law late last week, defying warnings from the
European Union and International Monetary Fund.
Investors doubt Hungary’s ability to get international aid
following the legislation, or tap international bond markets
under current market conditions.
Continued…
