ÁKK bond auction slightly exceeds plan

Debt

The Government Debt Management Agency (ÁKK) sold a combined HUF 62.5 billion of bonds at auction on Thursday, HUF 2.5 bln more than its original offer, state news wire MTI reported. 

The ÁKK sold HUF 20.0 bln of three-year bonds, as planned. Primary dealers bid for HUF 59.0 bln of the securities. The average yield was 0.40%, 3 basis points under the secondary market benchmark, but 2 bps over the yield at the previous auction of the bonds on September 12. 

The ÁKK also sold HUF 22.5 bln of five-year bonds, raising its offer by HUF 2.5 bln, after bids came to HUF 41.2 bln. The average yield was 0.97%, 5 bps under the benchmark, but 1 bp higher than at the previous auction of the securities two weeks earlier.

Finally, the ÁKK sold HUF 20.0 bln of ten-year bonds, as planned. Dealersʼ bids reached HUF 29.1 bln, and the average yield was 1.96%, 5 bps under the benchmark, but 9 bps over the yield at an auction two weeks earlier.

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