ÁKK sells HUF 34.5 bln of bonds at switch auction, below plan
The Government Debt Management Agency (ÁKK) sold HUF 34.5 billion of bonds maturing in 2026 and 2028, accepting bonds expiring in 2020 as payment, at a switch auction on Wednesday, state news wire MTI reported.
The ÁKK sold HUF 14.5 bln of 2026/D bonds for 2020/C bonds, below its original offer of HUF 20 bln. Demand from primary dealers came to HUF 19.58 bln for the exchange.
The 2026/D bonds sold at an average yield of 2.85%. The average yield of the 2020/C bonds was 0.50%.
The ÁKK also sold HUF 20 bln of 2028/A bonds for 2020/A bonds, in line with its original offer. Bids reached HUF 42.59 bln.
The 2028/A bonds sold at an average yield of 2.98%. The average yield of the 2020/A bonds was 0.58%.
Of the closest secondary market benchmarks, the three-year benchmark calculated on 2021/C bonds was 1.23%, the five-year benchmark calculated on 2024/C bonds was 2.39%, and the ten-year benchmark calculated on 2027/A bonds was 2.91%, MTI noted.
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