ÁKK sells HUF 40 bln of bonds at switch auction, as planned

Debt

The Government Debt Management Agency (ÁKK) sold a combined HUF 40 billion of bonds maturing in 2025 and 2026 for securities expiring in 2020 at a switch auction on Wednesday, national news agency MTI reported.   

The ÁKK sold HUF 20 bln of 2025/B bonds and HUF 20 bln of 2026/D bonds, accepting 2020/B bonds in exchange. The ÁKK stuck to its plan as it had offered to sell HUF 20 bln of the 2025 and 2026 bonds at each of the auctions. 

Demand from primary dealers came to HUF 55.98 bln for the 2025/B bond exchange and HUF 34.06 bln for the 2026/D bonds. 

The 2025/B bonds sold at an average yield of 1.57% at the exchange and the 2026/D bonds at an average yield of 1.89%. The average yield of the 2020/B bonds was 0.28%.

Of the closest secondary market benchmarks, the ten-year benchmark calculated on 2027/A bonds was 2.62%, while the five-year benchmark calculated on 2022/B bonds was 1.48%.

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