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ÁKK buys back HUF 126.88 bln of bonds early at reverse auction

The Government Debt Management Agency (ÁKK) bought back a combined HUF 126.88 billion of bonds expiring in 2020 and 2021 before maturity at a reverse auction on Wednesday, Hungarian news agency MTI reports.

ÁKK bought back HUF 3.91 bln of 2020/B bonds, which mature on June 24, 2020. Bids came to HUF 4.36 bln The average repurchase yield was 0.01%.

ÁKK also bought back HUF 1.26 bln of 2020/C bonds maturing on September 23, 2020, accepting all the bids. The average repurchase yield was 0.01%.

ÁKK in addition bought back HUF 121.71 bln of 2021/C bonds, which mature on April 21, 2021. Bids reached HUF 171.23 bln. The average repurchase yield was 0.03%.

The repurchase yields compare to a three-month secondary market benchmark of 0.04% and a 12-month benchmark of 0.03%.

ÁKK had planned to buy back HUF 5 bln of all three papers.