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%.
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
