ÁKK sold HUF 8.5 bln of 2022/A bonds accepting 2017/B bonds as payment and a further HUF 13.5 bln of 2024/B bonds for 2017/A bonds.
Bids by primary dealers reached HUF 12.2 bln for the 2022/A bond exchange and HUF 25.2 bln for the 2024/B exchange.
ÁKK had planned to exchange HUF 20 bln of each of the longer terms.
The debt manager sold the 2022/A bonds at an average yield of 3.05% and sold the 2024/B bonds at an average yield of 3.40%.
The average yields compare to a 3.08% five-year secondary market benchmark yield, calculated on a bond expiring in 2020, and a 3.98% ten-year benchmark yield, calculated on a bond maturing in 2025.
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