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ÁKK sells HUF 20.5 bln of bonds at switch auction

The Government Debt Management Agency (ÁKK) sold a combined HUF 20.5 billion of bonds maturing in 2029 and 2038, accepting ones expiring in 2022 as payment at a switch auction on Wednesday, state news wire MTI reports.

ÁKK sold HUF 15.5 bln of 2029/A bonds for 2022/A bonds, lowering its original offer by HUF 4.5 bln. Bids reached HUF 24.95 bln.

The agency also sold HUF 5 bln of 2038/A bonds for 2022/B bonds, lowering its original offer by HUF 15 bln. Bids reached HUF 12.11 bln.

The 2029/A bonds sold at an average yield of 2.34% and the 2038/A bonds at 2.86%. The average yield of the 2022/A bond was 0.53% and the 2022/B bondʼs average yield was 0.88%.

The secondary market three-year benchmark yield, on 2023/C bonds, was 1.24%, the 10-year benchmark, on 2031/A bonds, was 2.42% and the 15-year benchmark, on the 2038/A, bonds was 2.78%.