The Government Debt Management Agency (ÁKK) sold HUF 35.5 bln of bonds maturing in 2024 and 2025 for ones that expire in 2017 and 2018 at a switch auction on Wednesday, under the HUF 40 bln plan.
ÁKK sold HUF 15.5 bln of 2024/B bonds accepting 2017/A bonds as payment and a further HUF 20 bln of 2025/B bonds for 2018/B bonds.
Bids by primary dealers reached HUF 17.85 bln for the 2017/A bond exchange and HUF 30.37 bln for the 2018/B exchange.
ÁKK had planned to exchange HUF 20 bln for both the 2017/A bonds and the 2018/B bonds.
The average yield at the exchange for 2017/A bonds was 3.13% and 3.18% for the exchange of the 2018/B bonds. The closest ten-year secondary market benchmark, calculated on 2027/A bonds, was 3.48% on Tuesday.