alternative to regular term deposits

  • earn higher interest than the market rate
  • depends on currency exchange rate trends
  • individual and occasional investment opportunities

how we support your business?

  • innovative and flexible investment solutions to suit your specific needs and expectations
  • our dedicated dealers would be glad to think together with you and as your advisor we help you find the investment solution that best suits you.
Typically, the retail government bonds issued by the Hungarian State may not be purchased by business organisations - except some kind of nonprofit companies. If your company falls into that category, please always consult your advisor before making a decision on subscription. 


Depending on your company’s financial operation, more or less regular conversions in one or more currency pairs may be an ideal choice for you, since the principal may be repaid to you in another currency. The absence of capital protection means that upon the conversion of the principal amount, the Bank uses a pre-defined exchange rate which is less favourable than the market rate prevailing on the maturity date. These investments allow you to realise an interest rate that is higher than the interest accrued on regular fixed deposits if you predicted the evolution of the exchange rate correctly, while in the case of certain products a minimum interest is guaranteed. 

Interest payments will always be made in the base currency of the investment, while the amount of interest and the currency of the principal investment repayable at maturity will be influenced by the evolution of the exchange rate.

These investment products cannot be cancelled during their tenor.

choose from the options below:​

This form of investment is an opportunity for you to profit from your exchange rate expectations and achieve far higher interest than the market rates, while the minimum interest rate (and the repayment of the invested capital at maturity) is guaranteed.  Both the capital and interest will be repaid in the currency of fixing, and changes in the exchange rate will only be factored in for determining the amount of the interest.

These investment products cannot be cancelled during their tenor.

choose from the options below:​

structured investment products - with capital protection

Government bonds are potential alternatives to regular term deposits.  They have favourable liquidity properties meaning you can mobilize your investment anytime.  Government bonds are issued with maturity within or longer than one year, while coupon payments can be fixed or floating.

In addition to meeting the demands of large investors in respect of auctions, we also serve retail customers at our branch network.

Our activities on the secondary market and two-way price quotation ensure that our investors have a liquid and public secondary market.  We continuously quote two-way (buy and sell) prices for the government securities traded under our dealership agreement with the Hungarian Debt Management Agency (ÁKK)

choose from the options below:​

We launched our own bond program in 2007.

Under the K&H Bond Program the Bank (as issuer) sells registered, dematerialized bonds denominated in HUF, EUR, CHF or USD through public offering.

The bonds have a tenor of minimum 60 days and maximum 20 years, and  are listed on the Budapest Stock Exchange or other regulated markets.

The bonds to be issued are very diverse just like investment funds.  The yield of the investment can be tied to foreign currency rates, stock prices, yields, commodity prices, indices, inflation, etc.

The K&H bond program seeks to develop solutions which, considering the prevailing market situation and expectations, promise outstanding yields (mainly with capital guarantee) to our clients if certain conditions (analyst or individual expectations) are met.

Due to the unique and occasional nature of this operation, the issues do not follow any schedule and thus, the range of bonds offered varies constantly.  If you wish to obtain more information on our current offers, please contact us.

adapted to your needs

Our innovative and flexible solutions which can be tailored to your specific needs and expectations, can help you realise above market interest rates on your free liquid assets placed either in HUF or in any other currency, at the risk of your choice.

Apart from the products presented here, we will be pleased to assist you in creating any other customised investment solution in line with your specific needs and the development of the market.  

you should know before you decide

As a precondition for dealing you must have or fill in the following:

  • MiFID questionnaire (risk),
  • MiFID2 related documents
  • Treasury framework agreement (if the transaction is not done though the relationship manager
  • effective Treasury limit (if the transaction is not done though the relationship manager
  • Treasury framework agreement for the sale and purchase of securities in the case of government bonds
  • Active LEI code

Other fees and charges:

Any fees applicable to the transactions are specified in the Announcement on investment services.

For exchange rate movements please consult the official page of Reuters.

Structured investments offered without capital protection are not insured by the Investor Protection Fund (BEVA) and the National Deposit Insurance Fund (OBA).

Capital protected structured deposits are insured by OBA.

The debts represented by K&H bonds and government securities are not insured by OBA and BEVA. 

These documents are not intended as personalized investment advice and do not constitute a recommendation to buy, sell or hold investments described herein. Their purpose is solely to attract attention.
Please, note that the parameters and prices stated in the product description are of indicative nature and serve only referential purposes. The parameters of the actually concluded deals will correspond to the terms agreed during the telephone conversation recorded upon deal conclusion and those may depart from the indicative parameters and prices stated in this product description.
For further information on products and tailor-made pricing, please contact your relationship manager or one of our dealers at Markets Directorate.