The ÁKK sold HUF 20 bln of 2024/B bonds, accepting 2018/A bonds as payment, and a further HUF 8.5 bln of 2025/B bonds for 2019/A bonds. It originally planned to sell HUF 20 bln of both papers.

Demand from primary dealers for the 2024/B bonds came to HUF 23.26 bln, and to HUF 46.43 bln for the 2025/B bonds.

The 2024 bonds sold at an average yield of 2.90% at the exchange and the 2025 bonds at 3.01%. Of the closest secondary market benchmarks, the five-year benchmark calculated on 2021/B bonds was 1.90%, while the ten-year benchmark calculated on 2027/A bonds was 3.31%.

The debt manager accepted the 2018/A bonds, expiring on December 20, 2018, as payment at a yield of 0.40%. It accepted the 2019/A bonds, which mature on June 24, 2019, at a yield of 0.83%.

Also on Wednesday at a reverse auction, the ÁKK bought back a combined HUF 56.3 bln of bonds that expire in 2018 before maturity.

The ÁKK bought back HUF 18.76 bln of 2018/B bonds, which mature on April 25, 2018. Bids reached HUF 19.18 bln, with the average repurchase yield at 0.22%. It also bought back HUF 37.57 bln of 2018/C bonds maturing on June 22, 2018. Bids reached HUF 40.79 bln, with an average repurchase yield of 0.24%.