ÁKK plans net bond issues, T-bill and early bond repayments in Aug-Oct

Debt

Hungaryʼs Government Debt Management Agency (ÁKK) plans net forint securities issues of HUF 212 billion in August-October; bond issues will be used for T-bill repayments and for the early repurchase of bonds, similar to July-September, the three-month issue plan on ÁKKʼs website shows, according to Hungarian news agency MTI.

Gross issues are planned at HUF 1.852 trillion and gross redemptions at HUF 1.641 tln in the three-month period. 

In addition to the HUF 105 bln of early bond repurchases at seven reverse auctions, the gross issues and redemptions include HUF 120 bln of bonds nearing expiry that ÁKK plans to exchange for long-term ones at the six switch auctions scheduled for the period.

There will not be any big HUF bond repayments during the period.

Excluding the switch auctions, ÁKK plans gross bond issues of HUF 410 bln at the weekly bond auctions in August-October, the same as the plan was for July-September. The offer of floaters and twelve-month discount T-bills will alternate with three fixed-rate bond series, as before.

ÁKK plans to offer HUF 700 bln of discount T-bills in August-October, HUF 92 bln less than the HUF 792 bln bills expiring in the period.

There will be net redemptions of three-month discount T-bills, with expiries of HUF 520 bln against new issues of HUF 600 bln.

Twelve-month discount T-bill sales, at HUF 180 bln, will also slightly exceed the HUF 193 bln of expiries, of which HUF 100 bln will mature on August 3 and HUF 93 bln on September 28.

Per auction sales of three-month discount T-bills are planned at HUF 40 bln as before and that of twelve-month bills at HUF 30 bln.

In the usual technical assumption, the sale of interest-bearing T-bills designed for retail investors are planned at HUF 435 bln and that of six-month bills, also aimed at the general public, at HUF 188 bln, both matching the respective maturities during the three-month period.

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