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MNB allocates HUF 50 bln of MIRS at tender

Telco

Image by Jessica Fejos

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

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

Lendersʼ bids came to HUF 39.2 bln for the five-year MIRS, and HUF 94.3 bln for the ten-year swaps. 

The fixed rates were 0.46% for the five-year swaps and 1.17% for the ten-year swaps. The floating interest rate of the first period was 0.048913%.

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 has allocated a total of HUF 40 bln of five-year MIRS and HUF 170 bln of ten-year MIRS at four such tenders held between February 1 and March 14. 

The central bank is holding the tenders for the MIRS every other Thursday. The most recent tender was put forward one day to Wednesday due to the March 15 national holiday.

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