ÁKK exchanges HUF 20 bln of bonds at switch auction

Debt

The Government Debt Management Agency (ÁKK) exchanged bonds maturing in 2020 for HUF 20.0 billion of bonds maturing in 2026 at a switch auction on Wednesday, state news wire MTI reported.

Primary dealers bid for HUF 46.2 bln of 2026/D bonds, of which the debt manager accepted HUF 20.0 bln.

The bonds were exchanged at an average yield of 2.65%. The yield compares to a 10-year secondary market yield of 2.78%.

The ÁKK also offered 2022/A bonds in exchange for ones maturing in 2019 at the switch auction, but refused all the HUF 43.4 bln bids it received.

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