AKK buys back HUF 25.1bn of bonds at reverse auction

Debt

The Government Debt Management Agency (AKK) bought a combined HUF 25.1bn of bonds before maturity at a reverse auction on Wednesday. Selling offers totalled HUF 35.5bn.

AKK accepted far more offers than at recent reverse auctions. Repurchase yields were well under the respective secondary market benchmarks, meaning repurchase prices well over the market.

AKK bought back HUF 13.4bn of 2012/B bonds, which mature on June 12, 2012. Primary dealers offered to sell early HUF 18.7bn.

Average repurchase yield of the 2012/B was 7.43%, slightly over the 7.41% average at the previous reverse auction on December 14, but down 40bp from Tuesday’s 7.83% secondary market six-month benchmark, calculated on bills expiring on June 27.

AKK bought back HUF 11.7bn of 2012/C bonds, which mature on October 24, 2012. Offers came to HUF 16.8bn.

Average yield 2012/C bonds was 7.58%, up 4bp from the December 14 auction, and 64bp under the twelve-month secondary market benchmark calculated on a bill series expiring on December 27.

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