The Government Debt Management Agency (ÁKK) scrapped planned sales of 10- and 20-year bonds at auction on Thursday because of poor demand, selling just HUF 17 billion of five-year bonds, state news wire MTI reports.
ÁKK cut its offer for the five-year bonds by HUF 3 bln after primary dealers bid for just HUF 18 bln of the securities. The average yield was 1.46%, 14 bp over the secondary market benchmark but 16 bp under the yield at the previous auction of the bonds two weeks earlier.
The agency sold no 10-year or 20-year bonds, as bids for the securities came to just HUF 10.2 bln and HUF 2.7 bln.
Hungary introduced the 20-year bond at an auction on January 16, 2020. The auction on Thursday was the second for the paper. ÁKK had planned to start displaying the 20-year term among its benchmark yields from the second auction of the bond.