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ÁKK plans moderate net forint issues in Feb-April

Debt

Hungaryʼs Government Debt Management Agency (ÁKK) plans net forint securities issues of HUF 74 billion in the February-April period, with moderate net bond issues and even lower net redemption of discount T-bills, according to the three-month issue plan on the ÁKKʼs website.

Gross issues are planned at HUF 1 trillion and gross redemptions at HUF 925.9 bln in the three-month period.

In addition to the HUF 70 bln of early bond repurchases at seven reverse auctions, gross issues and redemptions include HUF 60 bln of long-term bonds at six switch auctions scheduled for the period.

There will one major HUF bond redemption during that period, of HUF 325.9 bln in 2017/B bonds maturing on February 24.

Excluding the switch auctions, the ÁKK plans gross bond issues of HUF 485 bln at the weekly bond auctions. The offer of floaters and 12-month discount T-bills will alternate with three fixed-rate bond series, as before.

The ÁKK plans to offer HUF 455 bln of discount T-bills in February-April, HUF 15 bln less than the HUF 470 bln bills expiring in the period. 

The debt manager plans to issue just HUF 300 bln in three-month discount T-bills expiring in the period.

Twelve-month discount T-bill sales are planned at HUF 155 bln, somewhat below the HUF 170 bln maturing in one series on March 16.

Per-auction sales of both three-month and 12-month discount T-bills are planned at HUF 25 bln, below recent offers raised, which is meant to ensure a reduction of the year-end state debt.

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