ÁKK sells HUF 40 bln of bonds at switch auction, as planned

Debt

The Government Debt Management Agency (ÁKK) sold a combined HUF 40 billion of bonds maturing in 2026 and 2028 at a switch auction on Wednesday, accepting bonds expiring in 2019 and 2020 as payment.   

The ÁKK sold HUF 20 bln of 2026/D bonds in exchange for 2019/A bonds, and HUF 20 bln of 2028/A bonds for 2020/B bonds, both amounts according to plan, state news agency MTI reported.

Demand from primary dealers came to HUF 31 bln for the 2026/D bond exchange, and HUF 32.2 bln for the 2028/A bond exchange.   

The 2019/A bonds sold at an average yield of 0.07% at the exchange, and the 2020/B bonds at an average yield of 0.29%. The average yield of the 2026/D bonds was 2.31%, and 2.51% for the 2028/A bonds.

Of the closest secondary market benchmarks, the three-year benchmark calculated on 2021/C bonds was 0.78%, the five-year benchmark calculated on 2022/B bonds was 1.30%, and the ten-year benchmark calculated on 2027/A bonds was 2.44%.

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