ÁKK raises offers for all terms at bond auction
The Government Debt Management Agency (ÁKK) sold a combined HUF 62.5 bln of bonds at auction on Thursday, raising its offers for all three maturities on strong demand.
ÁKK sold HUF 25 bln of three-year bonds, raising its original offer by HUF 5 bln after primary dealers submitted bids for HUF 54.7 bln. Average yield was 2.04%, 7 bp under the secondary market benchmark, but 2 bp over the yield at the previous auction of the papers two weeks earlier.
ÁKK sold HUF 22.5 bln of five-year bonds, HUF 7.5 bln more than planned. Bids came to HUF 87.8 bln. Average yield was 2.63%, 17 bp under the benchmark and 16 bp lower than the yield at the previous auction.
ÁKK sold HUF 15 bln of ten-year bonds, HUF 5 bln over the announced amount. Dealers bid for HUF 42.8 bln of the papers. Average yield was 3.46%, 12 bp under the benchmark and 34 bp lower than the yield two weeks earlier.
The bond auction was the first since the National Bank of Hungaryʼs policy makers announced the end of an easing cycle.
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