ÁKK exchanges HUF 20 bln of bonds at switch auction, as planned
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Hungary’s Government Debt Management Agency (ÁKK) sold HUF 20 bln of bonds maturing in 2024 for ones that expire in 2018 at a switch auction today, Hungarian news agency MTI reported.
ÁKK sold HUF 20 bln of 2024/B bonds accepting 2018/B bonds as payment.
Bids by primary dealers reached HUF 44.74 bln.
ÁKK had planned to exchange HUF 20 bln for the 2018/B bonds.
The 2024/B bonds sold at an average yield of 2.75% at the exchange. Of the closest secondary market benchmarks, the five-year benchmark, calculated on 2021/B bonds, was 2.00% and the ten-year benchmark, calculated on 2027/A bonds, was 2.85% on Tuesday.
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