Primary dealers bid for HUF 56.0 bln of 2025/B bonds, of which the debt manager exchanged the originally offered HUF 20 bln for 2020/B bonds.
The ÁKK also sold HUF 20 bln of 2026/D bonds, the planned volume, in exchange for 2020/B bonds at the switch auction, after receiving HUF 34.1 bln worth of bids.
The 2025/B bonds were sold at an average yield of 1.57%, and the 2026/D bonds at an average yield of 1.89% in the exchange.
The ÁKK accepted 2020/B bonds which expire on June 24, 2020, at a price corresponding to a yield of 0.28% in both exchanges. The average yields compare to a 10-year secondary market benchmark yield, calculated on 2027/A bonds, of 1.93%.
The auction was the first switch auction held by the ÁKK since September 2017.
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