ÁKK exchanges HUF 20 bln of bonds at switch auction, as planned
Hungary’s Government Debt Management Agency (ÁKK) sold HUF 20 bln of bonds maturing in 2024 for ones that expire in 2018 at a switch auction today, Hungarian news agency MTI reported.
ÁKK sold HUF 20 bln of 2024/B bonds accepting 2018/B bonds as payment.
Bids by primary dealers reached HUF 44.74 bln.
ÁKK had planned to exchange HUF 20 bln for the 2018/B bonds.
The 2024/B bonds sold at an average yield of 2.75% at the exchange. Of the closest secondary market benchmarks, the five-year benchmark, calculated on 2021/B bonds, was 2.00% and the ten-year benchmark, calculated on 2027/A bonds, was 2.85% on Tuesday.
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