ÁKK sells HUF 23.5 bln of bonds at switch auction, below plan

Debt

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The Government Debt Management Agency (ÁKK) sold HUF 23.5 billion of bonds maturing in 2024 and 2026 for bonds expiring in 2020 at a switch auction on Wednesday, well below plan, state news agency MTI reported. 

The ÁKK sold HUF 14 bln of 2026/D bonds for 2020/A bonds, below its original offer of HUF 20 bln. Demand from primary dealers came to HUF 21.79 bln for the exchange.

The 2026/D bonds sold at an average yield of 3.49%, while the average yield of the 2020/A bonds was 1.14%.

The ÁKK also sold HUF 9.5 bln of 2024/B bonds for 2020/C bonds, also below its original offer of HUF 20 bln, after bids reached only HUF 17.60 bln.

The 2024/B bonds sold at an average yield of 2.84%, while the average yield of the 2020/C bonds was 1.05%.

Of the closest secondary market benchmarks, the three-year benchmark calculated on 2021/C bonds was 1.72%, the five-year benchmark calculated on 2024/C bonds was 3.00%, and the ten-year benchmark calculated on 2027/A bonds was 3.58%.

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