ÁKK switches less-than-planned short-term bonds to long ones at auction

Debt

The Government Debt Management Agency (ÁKK) sold primary dealers of government securities HUF 42 bln of bonds maturing in 2020 and 2022 for a bond that runs until 2016 at a switch auction on Wednesday, HUF 58 bln less than planned.

ÁKK sold HUF 20 bln of 2020/A bonds for 2016/D bonds, less than half of the HUF 50 bln original offer after receiving bids for just HUF 30 bln. Average auction yield was 2.96%.

ÁKK sold HUF 22 bln of 2022/A bonds, little less than half of the HUF 50 bln original offer. Bids reached HUF 39.6 bln. Here ÁKK also accepted 2016/B bonds as payment. Average auction yield was 3.25%.

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