ÁKK sold the announced HUF 15 bln of the floating-rate 2019/D bonds accepting 2017/C bonds as payment. It was the first time in two years that the debt manager offered a floater at a switch auction.
ÁKK sold HUF 13 bln of 2025/B bonds for 2018/B bonds at the auction, HUF 2 bln less than planned.
Primary dealers bid to buy HUF 45.2 bln of the floaters expiring in 2019 and HUF 32.9 bln for the 2025/B exchange.
The 2019 bonds sold at an average price of 97.900% at the exchange and the 2025/B bonds sold at an average yield of 3.22%, the latter up by a sharp 49 bps from the same exchange on April 20.
Of the closest secondary market benchmarks, the five-year benchmark, calculated on 2021/B bonds, was 2.43% and the ten-year benchmark, calculated on 2027/A bonds, was 3.40% on Tuesday.
ÁKK calculated the 2017/C bonds which expire on December 20, 2017 at a net price of 99.6173% as payment. It took 2018/B bonds expiring on January 15, 2018 at a yield of 1.26%.
The twelve-month secondary market yield was 0.93% on Tuesday.
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