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.