ÁKK sells HUF 25 bln of bonds at switch auction, over plan

Debt

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The Government Debt Management Agency (ÁKK) sold HUF 25 billion of bonds maturing in 2026 and 2029, accepting ones expiring in 2022 as payment at a switch auction on Wednesday, state news wire MTI reports.

ÁKK sold HUF 10 bln of 2026/D bonds for 2022/C bonds, in line with its original offer. Bids reached HUF 10.8 bln.

The agency sold HUF 15 bln of 2029/A bonds for 2022/B bonds, raising its original offer by HUF 5 bln. Bids reached HUF 33.9 bln.

The 2026/D bonds sold at an average yield of 1.62% and the 2029/A bonds at a yield of 2.17%. The average yield of the 2022/C bond and the 2022/B bond was equally 0.76%.

Of the closest secondary market benchmarks, the three-year benchmark calculated on 2023/C bonds was 1.02% the five-year benchmark calculated on 2025/C bonds was 1.38% and the 10-year benchmark calculated on 2030/A bonds was 2.37%.

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