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ÁKK exchanges HUF 32.5 bln of bonds at switch auction, less than planned

Debt

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The Government Debt Management Agency (ÁKK) sold HUF 32.5 bln of bonds maturing in 2024 and 2028 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 19 bln of 2024/B bonds accepting 2017/A bonds as payment and a further HUF 13.5 bln of 2028/A bonds for 2018/B bonds.

Bids by primary dealers reached HUF 30.05 bln for the 2017/A bond exchange and HUF 19.55 bln for the 2018/B exchange.

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

The average yield at the exchange for 2017/A bonds was 3.03% and 3.38% for the exchange of the 2018/B bonds. The closest ten-year secondary market benchmark, calculated on 2027/A bonds, was 3.29% on Tuesday.

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