Report
Raffaella Tenconi

the cycle vs. the strategic direction

The MNB has announced a further extension of the market-based lending scheme (MLS) to support lending growth to SMEs in the 5-10% yoy range. The decision was announced outside of the usual rate-setting meeting, consistent with what the MNB has been doing in recent years. We view this announcement as primarily the implementation of a structural policy decision (to create the conditions for a more vibrant SME sector), rather than a signal that the Monetary Policy Council (MPC) is becoming more dovish. We reiterate our call for a modest and gradual rate tightening cycle, starting from late this year.
Underlying
Budapesti Ingatlan Hasznositasi es Fejlesztesi Nyrt.

Budapesti Ingatlan Hasznositasi es Fejlesztesi Nyrt is a Hungary-based company primarily engaged in letting, developing, managing and maintaining real estates and properties. The Company's portfolio includes 18 properties situated in Budapest, such as residential buildings, car park and a hotel.

Provider
Wood and Company
Wood and Company

WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.

A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.

Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.

We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.

Analysts
Raffaella Tenconi

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