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ÁKK exchanges HUF 21.5 bln of bonds at switch auction, below plan

Debt

The Government Debt Management Agency (ÁKK) sold HUF 21.5 bln of bonds maturing in 2019 and 2025 for ones that expire in 2017 and 2018 at a switch auction today, under the HUF 40 bln plan, Hungarian news agency MTI reported. 

ÁKK sold HUF 12 bln of the floating-rate 2019/D bonds accepting 2017/C bonds as payment. ÁKK planned to sell HUF 20 bln of the floating-rate bonds. 

ÁKK sold HUF 9.5 bln of 2025/B bonds for 2018/B bonds at the auction, HUF 10.5 bln less than planned. 

Primary dealers bid to buy HUF 21.54 bln of the floaters expiring in 2019 and HUF 17.6 bln for the 2025/B exchange. 

The 2019 bonds sold at an average price of 97.87% at the exchange and the 2025/B bonds sold at an average yield of 3.29%.  

Of the closest secondary market benchmarks, the five-year benchmark, calculated on 2021/B bonds, was 2.39% and the ten-year benchmark, calculated on 2027/A bonds, was 3.34% on Tuesday. 

ÁKK calculated the 2017/C bonds which expire on December 20, 2017 at a net price of 99.7273% as payment. It took 2018/B bonds expiring on April 25, 2018 at a yield of 1.21%. 

The twelve-month secondary market yield was 0.87% on Tuesday.

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