MNB allocates HUF 50 bln of MIRS at tender

Telco

The National Bank of Hungary (MNB) allocated HUF 50 billion of monetary policy interest rate swaps (MIRS), its recently introduced facility designed to flatten the yield curve, at a tender yesterday, state news wire MTI reported.   

The MNB allocated HUF 10 bln of five-year MIRS and HUF 40 bln of ten-years MIRS, in line with the announced offered amounts.

Lendersʼ bids came to HUF 53.8 bln for the five-year swaps and HUF 115.3 bln for the ten-year swaps.  

The MNB said 21 banks participated at the tender for the five-year MIRS and 19 for the ten-year MIRS. 

The fixed rate was 0.46% for the five-year MIRS and 1.17% for the ten-year MIRS. 

The secondary market yield on the benchmark five-year government security was 1.45% on Thursday. The ten-year benchmark yield was 2.53%. 

MNB policy-makers decided in November to launch the MIRS facility, setting a HUF 300 bln allocation for the first quarter of 2018. The MNB is holding tenders for the MIRS every other Thursday.

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