ÁKK sells HUF 47 bln of bonds at auction, slightly over plan

Debt

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The Government Debt Management Agency (ÁKK) sold a combined HUF 47 bln of bonds at an auction today, raising its original offer by HUF 2 bln, Hungarian news agency MTI reported.

The debt manager cut back the sale of five-year bonds but sold more than planned ten-year bonds. Demand fell for the two shorter-term bonds and was unchanged for the ten-year papers compared to the previous auction held on April 28. 

Yields were somewhat below the latest benchmarks but rose significantly compared to the previous auction. The three-year auction yield reached a two-month high, and the five- and ten-year yield reached their highest level since the beginning of March.

ÁKK sold the planned HUF 20 bln of three-year bonds after primary dealers bid for HUF 32.6 bln of the papers. Average yield was 1.53%, 3 bps under the secondary market benchmark but 22 bps over the yield a the previous auction of the bonds two weeks earlier.

ÁKK sold HUF 12 bln of five-year bonds, HUF 3 bln less than planned after receiving bids for HUF 18.6 bln. Average yield was 2.36%, 3 bps under the benchmark but 22 bps higher than the yield two weeks earlier.

ÁKK sold HUF 15 bln of ten-year bonds, HUF 5 bln more than planned. Dealers bid for HUF 18.6 bln of the securities. Average yield was 3.32%, 2 bps under the benchmark but 9 bps higher than at the previous auction of the bonds two weeks earlier.

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