Thursday bond auction sales well exceed plan

Debt

The Government Debt Management Agency (ÁKK) sold a combined HUF 93.5 billion of bonds at auction on Thursday, raising its original offer by HUF 28.5 bln on strong demand from primary dealers, state news wire MTI reported.

The ÁKK sold HUF 30.0 bln of three-year bonds, HUF 10.0 bln over plan, after dealers bid for HUF 80.3 bln of the securities. The average yield was 1.26%, level with the secondary market benchmark yield, but 36 basis points under the yield at the previous auction of the bonds two weeks earlier.

The ÁKK also sold HUF 33.5 bln of five-year bonds, raising its original offer by HUF 8.5 bln. Bids came to HUF 71.7 bln, and the average yield was 1.86%, 2 bps under the benchmark and 41 bps lower than the yield two weeks earlier.

Finally, the ÁKK sold HUF 30.0 bln of ten-year bonds, HUF 10.0 bln over plan. Bids added up to HUF 45.5 bln. The average yield was 2.82%, 3 bps under the benchmark and 43 bps under the yield at the previous auction.

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