ÁKK plans net forint bond issues, T-bill repayments in April-June
Hungaryʼs Government Debt Management Agency (ÁKK) plans net forint securities issues of HUF 73 bln according to its April-June issue plan, including net repayments of discount T-bills and net issues of bonds.
ÁKK will continue its regular reverse auctions -- buying back bonds ahead of maturity -- started after a two-month break at the beginning of March.
ÁKK plans to keep three-month discount T-bill per-auction offers at HUF 50 bln and 12-month T-bill offers at HUF 40 bln, as it did in the previous three-month issue plan for March-May.
Three-month discount T-bill expiries will total HUF 710 bln against issues of HUF 650 bln in April-June. There will be two big twelve-month expiries, a HUF 330 bln one on April 1 and another, of HUF 250 bln, on May 27, against combined issues of HUF 240 bln in the three months.
The sale of interest-bearing T-bills, designed for the general public, will match the HUF 302 bln in such bills expiring in April-June, in the usual technical assumption.
The debt manager plans gross bond issues of HUF 695 bln in April-June, including HUF 120 bln of long-term bonds issued against shorter ones at the periodʼs six switch auctions.
The switches are also part of the HUF 221 bln bond expiries in the three-month period. Expiries include HUF 100 bln of bonds bought back early at the seven reverse auction in the period. There will be no major bond expiry in the three months.
Floater auctions will continue to alternate weekly with the auction of fixed-rate bonds, and ÁKK plans to sell on average HUF 53 bln of bonds per week, similar to March-May, at the 13 bond auctions in the period.
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