ÁKK buys back HUF 59.1 bln of bonds early at reverse auction

Debt

The Government Debt Management Agency (ÁKK) bought a combined HUF 59.1 bln of bonds expiring in 2018 before maturity at a reverse auction on Wednesday, Hungarian news agency MTI reported.

ÁKK bought back HUF 58.4 bln of 2018/A bonds, which mature on December 20, 2018, after receiving HUF 60.6 bln bids. The average repurchase yield was 0.31%.

Demand for early redemption was far lower for 2018/C bonds. ÁKK also bought back HUF 740m of the bonds maturing on June 22, 2018, after receiving bids of HUF 1.9 bln. The average repurchase yield was equally 0.12%.

The repurchase yields compare to a 0.14% secondary market yield, calculated on a discount T-bill series expiring on February 28, 2018, on Monday.

ÁKK held the reverse auction on Tuesday because Wednesday, the regular day for such auctions is a national holiday.

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