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ÁKK cuts offers for longest terms at bond auction

Debt

Hungary's Government Debt Management Agency (ÁKK) cut its offers for the two longest terms on low demand at a bond auction on Thursday.

ÁKK sold just HUF 10bn of five-year bonds, cutting its original offer by HUF 5bn after primary dealers submitted bids for HUF 16.9bn.

Average yield for the bonds was 7.31%, 6bp over the secondary market benchmark, but 21bp under the yield at the previous auction two weeks earlier. Yields ranged between 7.28% and 7.33%.

ÁKK sold HUF 5bn of 15-year bonds, reducing its original offer by HUF 3bn after dealers bid for HUF 9.25bn.

Average yield of the bonds was 7.92%, 14bp over the secondary market benchmark and 99bp higher than the yield at the previous auction of the bonds on September 8. Yields ranged between 7.89% and 7.95%.

ÁKK sold HUF 20bn of three-year bonds, in line with the offer. Dealers submitted bids for HUF 33.3bn.

Average yield of the bonds was 6.91%, 7bp over the secondary market benchmark but 32bp under the yield at the previous auction two weeks earlier. Yields ranged between 6.87% and 6.94%.

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