ÁKK raises offers on strong demand at bond auction
The Government Debt Management Agency (ÁKK) raised its offers for all three terms on strong demand at a bond auction on Thursday. ÁKK sold a combined HUF 77.5 bln of bonds at the auction, HUF 22.5 bln more than planned.
It sold HUF 25 bln of three-year bonds, raising its original offer by HUF 5 bln after primary dealers bid for HUF 63.7 bln of the papers. Average yield was 2.70%, 7bp under the secondary market benchmark and 18bp lower than the yield at the previous auction two weeks earlier. Yields ranged between 2.67% and 2.72%.
ÁKK sold HUF 30 bln of five-year bonds, HUF 10 bln more than planned. Dealers bid for HUF 61.6 bln of the papers. Average yield was 3.05%, 8bp under the benchmark and 31bp lower than the yield at the auction two weeks earlier. Yields ranged between 3.01% and 3.06%.
Sales of the ten-year bond came to HUF 22.5 bln, HUF 7.5 bln more than the original offer. Bids reached HUF 81.1 bln. Average yield was 3.66%, 8bp under the benchmark and 56bp lower than the yield at the previous auction of the securities four weeks earlier. Yields were in a narrow range between 3.66% and 3.67%.
ADVERTISEMENT
Minister Asks Banks to Introduce Voluntary Rate Caps
Gov't Raises 2023 Deficit Target to 5.2% of GDP
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
