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ÁKK raises bond sales on strong demand

Debt

The Government Debt Management Agency (ÁKK) sold a combined HUF 70.5 bln of three-, five- and ten-year fixed-rate bonds at auction today, HUF 23.5 bln more than planned, Hungarian news agency MTI reported.

ÁKK raised its offer for all three terms on strong demand. Yields were around Wednesdayʼs respective benchmarks and were down from the previous auctions.

ÁKK sold HUF 30 bln of the three-year bonds, raising its original offer by HUF 10 bln after primary dealers bid for HUF 72.8 bln of the papers. Auction demand fell from an extraordinary HUF 121 bln two weeks earlier. Average three-year yield was 1.88%, 1 bps over the secondary market benchmark and the yield at the previous auction of the bonds two weeks earlier.

ÁKK sold HUF 22.5 bln of five-year bonds, HUF 7.5 bln more than planned. Bids came to HUF 88.2 bln, almost double the demand on November 12. Average yield was 2.46%, 1 bps under the benchmark 8 bps under the yield two weeks earlier.

ÁKK sold HUF 18 bln of the ten-year bonds, HUF 6 bln more than the original offer. Bids reached HUF 42 bln, more than tripled the previous auction of the bonds held four weeks earlier. Average yield was 3.28%, 2 bps over the benchmark but 1 bps under the yield at the last ten-year auction held late October.

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