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ÁKK cuts offers for three-, five-year bonds, raises offer for long-term bonds at auction

Debt

The Government Debt Management Centre (ÁKK) cut its offers for three-year and five-year government bonds, but sold more than originally offered of fifteen-year bonds at an auction on Thursday.

ÁKK sold HUF 25 bln of the three-year bonds, cutting its original offer by HUF 5 bln after primary dealers submitted bids of HUF 33.7 bln. Average yield was 3.05pc, 4bp higher than the secondary market benchmark and 29bp lower than the yield at the previous auction of the bonds two weeks earlier.

ÁKK also sold HUF 24 bln of the five-year bonds, HUF 6 bln less than planned. Bids came to HUF 33.35 bln. Average yield was 3.32pc, 2bp higher than the secondary market benchmark and 30bp lower than the yield at the previous auction of the bonds two weeks earlier.

Sales of the fifteen-year bonds were raised by HUF 7.5 bln over the original offer to HUF 22.5 bln. Auction bids reached HUF 43.77 bln. Average yield was 4.93pc, 1bp higher than the secondary market benchmark and 128bp lower than the yield at the previous auction, held on 19 September 2013.

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