ÁKK sells HUF 38 bln of bonds at switch auction

Debt

The Government Debt Management Agency (ÁKK) sold HUF 38 billion of bonds maturing in 2029, 2034, and 2038, accepting ones expiring in 2022 and 2023 as payment at a switch auction on Wednesday, according to a report by state news wire MTI.

ÁKK sold HUF 15bn of 2029/A bonds for 2022/A bonds, raising its original offer by HUF 5 bln. Primary dealers bid to switch HUF 47.45 bln of their securities.

The agency sold HUF 10 bln of 2034/A bonds for 2022/B bonds, in line with its original offer after bids reached HUF 19.88 bln.

ÁKK also sold HUF 13 bln of 2038/A bonds for 2023/C bonds, raising its original offer by HUF 3 bln. Bids came to HUF 20.08 bln. 

The average yield for the 2029/A bonds was 2.22%, the average yield of the 2034/A bonds was 2.88%, and the average yield of the 2038/A bonds was 3.15%. The average yield for 2022/A bonds and 2022/B bonds was both 0.54% and the average yield of the 2023/C bonds was 0.85%.

The secondary market ten-year benchmark yield was 2.72% and the fifteen-year benchmark was 3.16% on Tuesday.

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