ÁKK auction sales slightly exceed plan

Debt

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The Government Debt Management Agency (ÁKK) sold a combined HUF 39.0 billion of securities at auction on Thursday, HUF 1 bln over plan. At a switch auction Wednesday, the agency sold HUF 39.5 bln of bonds maturing in 2026 and 2028, accepting bonds expiring in 2020 as payment.

On Thursday, the ÁKK sold HUF 30.0 bln of discount 12-month T-bills, in line with its original offer. Primary dealers bid for HUF 103.1 bln of the bills, and the average yield was 0.37%, 5 basis points over the secondary market benchmark, which matures three months earlier, and 1 bp higher than the yield at the previous auction of the bills two weeks earlier.

The ÁKK also sold HUF 9.0 bln of five-year floating-rate bonds, raising its original offer by HUF 1.0 bln after bids came to HUF 31.2 bln.

Earlier on Wednesday, the ÁKK sold HUF 20 bln of 2026/D bonds for 2020/C bonds, in line with its original offer. Demand from primary dealers came to HUF 56.7 bln for the exchange.

The 2026/D bonds sold at an average yield of 2.74%, while the yield of the 2020/C bonds was 0.47%. 

The ÁKK also sold HUF 19.5 bln of 2028/A bonds for 2020/A bonds, HUF 0.5 bln under plan, after bids reached HUF 27.6 bln.

The 2028/A bonds sold at an average yield of 2.91%. The yield of the 2020/A bonds was 0.51%.

Of the closest secondary market benchmarks, the yield on the three-year 2021/C bond was 1.04%, the yield on the five-year 2024/C bond was 2.30%, and the yield on the 2027/A bond was 2.79%.

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