ÁKK Exchanges HUF 13.5 bln of Bonds at Switch Auction

Debt

The Government Debt Management Agency (ÁKK) exchanged HUF 13.5 billion of securities expiring in 2035 for bonds maturing in 2024 and 2025 at a switch auction on Wednesday, according to a report by state news wire MTI.

ÁKK had planned to exchange HUF 20 bln of the 2035/A bonds. Primary dealers offered to purchase a fraction over the HUF 20 bln.

The agency exchanged the 2035/A bond for HUF 0.7 bln of 2024/B bonds, HUF 1.2 bln of 2024/C bonds, HUF 7.3 bln of 2025/B bonds and HUF 5.1 bln of 2025/C bonds.

ÁKK had temporarily suspended switch auctions a year earlier due to developments on the retail government securities market and an increase in yields. It relaunched the auctions on Wednesday, albeit with a technical innovation allowing multiple source bonds to be accepted at the auctions.

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