MNB allocates HUF 50 bln of MIRS at tender

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Image by Jessica Fejos

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

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

Lendersʼ bids came to HUF 41.53 bln for the five-year and HUF 94.6 bln for the ten-year swaps. There were 21 banks bidding at the five-year and 20 banks bidding at the ten-year tender.

The central bank raised the fixed rate for the five-year swaps to 0.40%, from 0.37% at the previous MIRS tender two weeks earlier, and the fixed rate for the ten-year swap to 1.49%, from 1.43%.

MNB policy makers decided to launch the MIRS facility in November 2017. They set a HUF 600 bln allocation for the first half of 2018.  The bank is holding the tenders for the MIRS every other Thursday.

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