ÁKK plans net bond issues, T-bill and early bond repayments in Jul-Sept

Debt

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Hungaryʼs Government Debt Management Agency (ÁKK) plans net forint securities issues of HUF 217 billion in July-September, as bond issues will be used for T-bill repayments and to repurchase bonds before maturity, the three-month issue plan on ÁKKʼs website shows, according to Hungarian news agency MTI.

Gross issues are planned at HUF 1.842 trillion and gross redemptions at HUF 1.626 tln for the three-month period. 

In addition to the HUF 105 bln of early bond repurchases at seven reverse auctions, the gross issues and redemptions include HUF 120 bln in bonds nearing expiry that ÁKK plans to exchange for long-term bonds at six switch auctions during the period.

There will not be any large HUF bond expiries in the period.

Excluding the switch auctions, ÁKK plans gross bond issues of HUF 410 bln at the weekly bond auctions in July-September, where a combination of floaters and twelve-month discount T-bills will alternate with three fixed-rate bond series, as before.

ÁKK plans to offer HUF 700 bln of discount T-bills, HUF 88 bln below the HUF 787 bln of expiries in the period.

There will be net redemptions of three-month discount T-bills, with expiries of HUF 595 bln against new issues of HUF 520 bln.

Twelve-month discount T-bill sales, at HUF 180 bln, will also slightly exceed the HUF 193 bln of expiries, of which HUF 100 bln will mature on August 3 and HUF 93 bln on September 28.

Per auction sales of three-month discount T-bills are planned at HUF 40 bln and that of twelve-month bills at just over HUF 30 bln.

In the usual technical assumption, the sale of interest-bearing T-bills designed for retail investors will match the HUF 430 bln of maturities during the three-month period.

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