ÁKK sells HUF 19.5 bln of bonds at switch auction, below plan

Debt

The Government Debt Management Agency (ÁKK) sold a combined HUF 19.5 billion of bonds maturing in 2025 for bonds expiring in 2020 at a switch auction on Wednesday, state news wire MTI reported. 

The ÁKK sold HUF 19.5 bln of 2025/B bonds, accepting 2020/B bonds and 2020/C bonds in exchange.  The ÁKK had offered to sell HUF 20 bln of the 2025/B bonds at each of the auctions.

The ÁKK sold HUF 5.5 bln of the 2025 bonds accepting 2020/B bonds as payment, and HUF 14 bln of the 2025 bonds in exchange for 2020/C bonds.

Demand from primary dealers came to HUF 8.15 bln for the 2020/B bonds exchange, and HUF 21 bln for the 2020/C bonds exchange.

The 2025/B bonds sold at an average yield of 2.23% at the exchange. The average yield of the 2020/B bonds was 0.25%, and the 2020/C bonds 0.53%.

Of the closest secondary market benchmarks, the five-year benchmark calculated on 2022/B bonds was 1.51%, while the three-year benchmark calculated on 2021/C bonds was 0.87%.

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