Auction subcription remained high at HUF 170.7 billion, although was down from HUF 192.6 billion at the previous auction where ÁKK sold 15-year bonds together with three- and five-year ones. Auction yields rose compared to Wednesday’s benchmark but rose from the previous auction on February 24.
ÁKK sold HUF 30 billion of three-year bonds, raising its original offer by HUF 10b billion after primary dealers submitted bids for HUF 80.2 billion of the bonds. Average yield was 6.92%, 6bp over the secondary market benchmark but 7bp under the yield at the previous auction of the bonds two weeks earlier. Yields ranged between 6.89% and 6.94%.
ÁKK sold HUF 20 billion of five-year bonds, HUF 5 billion more than planned. Dealers bid for HUF 59.7 billion of the bonds. Average yield was 7.31%, 2bp over the secondary market benchmark, but 8bp under the yield at the previous auction of the bonds two weeks earlier. Yields ranged between 7.29% and 7.33%.
ÁKK sold HUF 15 billion of ten-year bonds, raising its offer by HUF 5 billion on bids for HUF 30.8 billion. Average yield was 7.44%, 5bp over the secondary market benchmark but 7bp under the yield at the previous auction of the bonds four weeks earlier. Yields ranged between 7.40% and 7.47%.
Demand subsided at the non-competitive tender and totalled about a fourth of the total available, and ÁKK sold a further HUF 3.5 billion of the three-year bonds, HUF 1.4 billion of five-year bonds and HUF 1.2 billion of the ten-year bonds.
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