ÁKK sells HUF 51.5 bln of bonds at auction, less than planned

Debt

The Government Debt Management Agency (ÁKK) sold a combined HUF 51.5 bln of bonds at auction on Thursday, cutting its original offer from HUF 55 bln.

ÁKK sold HUF 20 bln of three-year bonds, in line with the original offer. Primary dealers bid for HUF 26.3 bln of the securities. Average yield was 2.10%, 5 bp over the secondary market benchmark but 13 bp under the yield at the previous auction of the bonds two weeks earlier. Yields ranged between 2.05% and 2.12%.

ÁKK cut its offer for five-year bonds by HUF 5.5 bln to HUF 14.5 bln after dealers bid just HUF 18.3 bln. Average yield was 2.70%, 17 bp over the benchmark but 2 bp under the yield two weeks earlier. Yields ranged between 2.66% and 2.72%.

ÁKK raised its offer for ten-year bonds by HUF 2 bln to HUF 17 bln on bids of HUF 27.4 bln. Average yield was 3.16%, 17 bp over the benchmark but 18 bp under the yield at the previous auction of the bonds. Yields ranged between 3.10% and 3.17%.

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