ÁKK buys back HUF 109.57 bln of bonds early at reverse auction

Debt

The Government Debt Management Agency (ÁKK) bought back a combined HUF 109.57 billion of bonds expiring in 2018 and 2019 before maturity at a reverse auction today, Hungarian news agency MTI reported.

The ÁKK bought back HUF 20.41 bln of 2018/C bonds, which mature on June 22, 2018. Bids reached HUF 29.51 bln. The average repurchase yield was 0.11%.

The ÁKK also bought back HUF 89.16 bln of 2019/C bonds maturing on October 30, 2019. Bids reached HUF 102.02 bln. The average repurchase yield was 0.30%.

Demand as well as the accepted offers exceeded even the recent high levels of interest, especially in the case of the early resale of bonds expiring beyond the end of 2018.

The repurchase yields compare to a 12-month secondary market benchmark of 0.10% and a three-year benchmark of 0.78%.

The ÁKK planned to buy back HUF 5 bln of both papers.

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