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ÁKK sells HUF 46 bln of bonds at switch auction, over plan

The Government Debt Management Agency (ÁKK) sold HUF 46 billion of bonds maturing in 2029, accepting ones expiring in 2022 as payment at a switch auction on Wednesday, state news wire MTI reports.

ÁKK sold HUF 20 bln of 2029/A bonds for 2022/A bonds, in line with its original offer. Bids reached HUF 28.14 bln.

The agency also sold HUF 26 bln of 2029/A bonds for 2022/B bonds, raising its original offer by HUF 6 bln. Bids reached HUF 36.33 bln.

The 2029/A bonds sold at an average yield of 2.21% and 2.22%, respectively, and the average yield of the 2022/A bond was 0.65% and the 2022/B bondʼs average yield was 1.14%.

The secondary market three-year benchmark yield, on 2023/C bonds, was 1.36%, the 10-year benchmark, on 2031/A bonds, was 2.31%.