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ÁKK plans moderate net forint issues in March-May

Debt

Hungary’s Government Debt Management Agency (ÁKK) plans net forint security issues of HUF 99 billion in March-May, with net bond issues and net redemptions of discount T-bills, according to the three-month issue plan on the ÁKK’s website.

Gross issues are planned at HUF 970 bln, and gross redemptions at HUF 871 bln in the three-month period.

In addition to the HUF 140 bln of early bond repurchases at seven reverse auctions, the gross issues and redemptions include HUF 140 bln of long-term bonds sold for bonds nearing maturity at the seven switch auctions scheduled for the period.

No big forint bond redemption is due in the period.

Excluding the switch auctions, the ÁKK plans gross bond issues of HUF 450 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 380 bln of discount T-bills in March-May, HUF 211 bln less than the HUF 591 bln bills expiring in the period. 

The debt manager plans to issue HUF 260 bln three-month discount T-bills against the HUF 325 bln bills expiring in the period.

Twelve-month discount T-bill sales are planned at HUF 120 bln, less than half of the HUF 266 bln bills — HUF 170 bln expiring on March 16, and another HUF 96 bln due on May 25.

Per auction sales of both three-month and 12-month discount T-bills are planned at HUF 20 bln, below the HUF 25 bln plan for February-April. The debt manager has been offering HUF 20 bln of three-month discount T-bills and HUF 30 bln of 12-month bills at recent auctions.

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