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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 fortnightly tender on Thursday, state news agency MTI reported.   

The central bank 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 37.5 bln for the five-year swaps, and HUF 92.7 bln for the ten-year swaps.  

The fixed rates for the swaps were 0.46% for the five-year, and 1.17% for the ten-year swaps. The floating interest rate of the first period was 0.025667%.

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

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