ÁKK exchanges HUF 21.5 bln of bonds at switch auction, less than planned

Debt

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The Government Debt Management Agency (ÁKK) sold HUF 21.5 bln of bonds maturing in 2024 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 7 bln of 2024/B bonds accepting 2017/A bonds as payment and a further HUF 14.5 bln of 2025/B bonds for 2018/B bonds. 

Bids by primary dealers reached HUF 12.26 bln for buying the bonds expiring in 2024 and HUF 28.24 bln for the 2025/B exchange. 

ÁKK had planned to exchange HUF 20 bln for both the 2017/A bonds and the 2018/B bonds. 

The 2024 bonds sold at an average yield of 2.83% at the exchange and the average was 2.86% for the 2025/B bonds.  

Of the closest secondary market benchmarks, the five-year benchmark, calculated on 2021/B bonds, was 2.12% and the ten-year benchmark, calculated on 2027/A bonds, was 3.02% on Tuesday.

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