ÁKK sells HUF 16 bln of bonds at switch auction, under plan

Debt

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The Government Debt Management Agency (ÁKK) sold a combined HUF 16 bln of bonds maturing in 2022 and 2024 for bonds expiring in 2019 at a switch auction on Wednesday, less than planned as demand was low, Hungarian news agency MTI reported.

The ÁKK sold HUF 4 bln of 2022/A bonds for 2019/A bonds, and HUF 12 bln of 2024/B bonds for 2019/C bonds. Originally, the ÁKK had planned to exchange HUF 20 bln of each of the bonds.

Primary dealers bid to buy just HUF 10.7 bln of the 2022/A bonds and HUF 22.5 bln of the 2024/B bonds.

Average yields were 2.20% for the 2022/A bonds and 3.06% for the 2024/B bonds.

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