Retail forint denominated government securities stock was up HUF 1.148 tln in the first six months of 2017, ÁKK said. The half-year rise compares to a HUF 1.551 tln increase in the full year of 2016.
ÁKK announced at the end of June that it was cutting the commission it pays to primary dealers on the sales of retail papers by two-tenths of a percentage point to slow subscription, noting that sales had already met its respective annual target.
The biggest net sales, of HUF 73 million were in the inflation-pegged PMAK bonds, the stock of which rose to HUF 1.528 tln by the end of June. The recently introduced two-year retail security, which pays 2.5% interest at present, made up almost half of the June sales.
There were net redemptions, in contrast, of the half-year and one-year retail securities. The slowdown was in line with ÁKKʼs expectations. The debt manager said that, after a period of volume rise, it aimed at improving the structure and encourage the sale of the longer-term papers.
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