ÁKK exchanges HUF 34.5 bln of longer maturities at switch auction, under plan
The Government Debt Management Agency (ÁKK) exchanged HUF 34.5 bln of bonds maturing in 2024 and 2025 for ones that expire in 2017 and 2018 at a switch auction on Wednesday, under the HUF 40 bln plan.
ÁKK sold HUF 17.0 bln of 2024/B bonds, accepting 2017/A bonds as payment, and a further HUF 17.5 bln of 2025/B bonds for 2018/B bonds.
Bids by primary dealers reached HUF 31.2 bln for the 2017/A exchange and HUF 23.5 bln for the 2018/B exchange.
ÁKK had planned to exchange HUF 20 bln of each of the longer maturities.
The average yield for both switch auctions was 2.89%. The ten-year benchmark yield – on a bond maturing in 2027 – was 3.29% on Wednesday.
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