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ÁKK sells HUF 30 bln of bonds at switch auction, as planned

Debt

Hungaryʼs Government Debt Management Agency ( ÁKK) sold HUF 30 bln of bonds maturing in 2024 and 2019 for ones expiring in 2018 and 2017 at a switch auction today, Hungarian news agency MTI reported.

ÁKK sold HUF 20 bln of 2024/B bonds accepting 2018/B bonds as payment and a further HUF 10 bln of 2019/D floating-rate bonds for 2017/C floating-rate bonds. The scale of the sale was in line with the original plan. 

Demand by primary dealers for the 2024/B bonds came to HUF 42.64 bln and to HUF 21.46 bln for the 2019/D bonds. 

The 2024 bonds sold at an average yield of 2.66% at the exchange. Of the closest secondary market benchmarks, the five-year benchmark, calculated on 2021/B bonds, was 1.99%, the ten-year benchmark, calculated on 2027/A bonds was 2.94%. 

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