ÁKK sells HUF 27.5 bln of bonds at switch auction

Debt

The Government Debt Management Agency (AKK) sold HUF 27.5 billion of bonds maturing in 2029 and 2034, accepting ones expiring in 2022 and 2023 as payment at a switch auction on Wednesday, according to a report by state news wire MTI.

ÁKK sold HUF 12.5 bln of 2029/A bonds for 2022/B bonds, below its original offer of HUF 20 bln. Primary dealers bid to switch HUF 26.45 bln of their securities.

The agency also sold HUF 10 bln of 2029/A bonds for 2023/C bonds, in line with its original offer after bids reached HUF 27.75 bln.

ÁKK sold HUF 5 bln of 2034/A bonds for 2023/C bonds, below its original offer of HUF 15 bln. Bids came to HUF 8.69 bln.

The average yield for the 2029/A bonds was 2.17%, the average yield of the 2034/A bonds was 3.07%. The average yield for 2022/B bonds was 0.43% and the average yield for the 2023/C bonds was 0.89%.

The secondary market three-year benchmark yield was 1.3% and the ten-year benchmark yield was 2.85% on Tuesday.

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