Demand high, bond auction sales exceed plan
Hungary’s Government Debt Management Agency (ÁKK) sold a combined HUF 60.5 bln of bonds at auction today, raising its original offer by HUF 15.5 bln, Hungarian news agency MTI reported.
Demand was strong, especially on the two shorter terms. Yields rose compared to the previous auction, but were below Wednesdayʼs secondary market benchmarks.
The ÁKK sold HUF 30 bln of three-year bonds, HUF 10 bln more than planned. Primary dealers bid for HUF 129.5 bln of the papers. The average yield was 1.22%, 7 bps under the secondary market benchmark and 2 bps over the yield at the previous auction of the bonds two weeks earlier.
The ÁKK sold HUF 20.5 bln of five-year bonds, raising the original offer by HUF 5.5 bln. Bids came to HUF 80.1 bln. The average yield was 2.18%, 6 bps under the benchmark and 20 bps over the yield two weeks earlier.
The ÁKK sold HUF 10 bln of ten-year bonds, in line with the original offer. Bids reached HUF 37.9 bln. The average yield was 3.51%, 2 bps under the secondary market benchmark and 26 bps over the yield at the previous auction of the bonds on September 29.
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