ÁKK announces details of dollar bond buyback

Debt

Hungary's Government Debt Management Agency (ÁKK) announced on Wednesday the details of an early repurchase of USD 1.2 billion of dollar bonds, according to a report by state news wire MTI.

Finance Minister Mihály Varga announced the buyback on Tuesday, using proceeds from an FX issue a week earlier.

ÁKK said it bought back USD 558 mln of bonds maturing on February 21, 2023 at an average yield of 3.13%, 55 bp over the benchmark. It bought back USD 479 mln of bonds maturing on November 22, 2023 at an average yield of 4.04%, 90 bp over the benchmark, and USD 151 mln of bonds maturing on March 25, 2024 at a yield of 4.21%, 95 bp over the benchmark.

The agency noted that investors had offered over USD 1.5 bln of bonds for repurchase at an auction.

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