AKK refuses bids at reverse auction

Debt

There was demand to sell HUF 27.6bn worth government bonds maturing in 2012 early, but the Government Debt Management Agency (AKK) refused all bids as prices in bids could have been too high at a reverse auction on Wednesday

AKK offered to buy back the same two bonds early as at recent auctions: the 2012/B bonds, which mature on June 12, 2012 and 2012/C bonds, which mature on October 24, 2012.

At the previous reverse auction held on November 16, AKK repurchased HUF 10.7bn of 2012/B bonds ahead of maturity at an average yield of 7.22% and it repurchased HUF 2.4bn of 2012/C bonds at an average yield of 7.33%.

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