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ÁKK sells HUF 24 bln of bonds at switch auction, below plan

The Government Debt Management Agency (ÁKK) sold HUF 24 billion of bonds maturing in 2029 and 2031, accepting ones expiring in 2022 as payment at a switch auction on Wednesday, according to a report by state news wire MTI.

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ÁKK sold HUF 15 bln of 2029/A bonds for 2022/C bonds. Bids reached HUF 22.45 bln. The agency planned to sell HUF 15 bln of the 2029/A bonds.

ÁKK sold HUF 9 bln of 2031/A bonds for 2022/B bonds. Bids reached HUF 14.89 bln. The agency also planned to sell HUF 15 bln of the 2031/A bonds.

The 2029/A bonds sold at an average yield of 2.19% and the 2031/A bonds at a yield of 2.38%. The ÁKK calculated 2022/C bonds as payment at a fixed yield of 0.83% and 2022/B bonds at a fixed yield of 0.84%.

Of the closest secondary market benchmarks the 12-month benchmark, calculated on discount T-bills expiring on April 21, 2021 was 0.66% on Tuesday, the five-year benchmark calculated on 2025/C bonds was 1.53% and the 10-year benchmark calculated on 2030/A bonds was 2.25%.