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ÁKK exchanges HUF 11.5 bln of bonds at switch auction, less than planned

Debt

The Government Debt Management Agency (ÁKK) sold HUF 11.5 billion of bonds maturing in 2024 for ones that expire in 2017 at a switch auction today, under the HUF 40 bln plan, Hungarian news agency MTI reported.

ÁKK sold HUF 6 bln of 2024/B bonds accepting 2017/A bonds as payment and a further HUF 5.5 bln of 2024/B bonds for 2017/B bonds.

Bids by primary dealers reached HUF 8.18 bln for the 2017/A bond exchange and HUF 6.17 bln for the 2017/B exchange.

ÁKK had planned to exchange HUF 20 bln for both the 2017/A bonds and the 2017/B bonds.

The average yield at the exchange for 2017/A bonds was 3.43% and 3.45% for the exchange of the 2017/B bonds. The closest ten-year secondary market benchmark, calculated on 2024/B bonds, was 3.32% on Tuesday.

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