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

Debt

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The Government Debt Management Agency (ÁKK) sold HUF 40 billion of bonds maturing in 2026 and 2024, accepting bonds expiring in 2020 as payment at a switch auction on Wednesday, state news wire MTI reported.   

The ÁKK sold HUF 20 bln of 2026/D bonds for 2020/A bonds, in line with its original offer. Demand from primary dealers came to HUF 38.70 bln for the exchange. The 2026/D bonds sold at an average yield of 3.69%, while the average yield of the 2020/A bonds was 0.88%.

The ÁKK also sold HUF 20 bln of 2024/B bonds for 2020/B bonds. Bids reached HUF 44.93 bln. The 2024/B bonds sold at an average yield of 3.06%, while the average yield of the 2020/B bonds was 0.74%.

Of the closest secondary market benchmarks, the three-year benchmark calculated on 2021/C bonds was 1.84%, the five-year benchmark calculated on 2024/C bonds was 3.31%, and the ten-year benchmark calculated on 2027/A bonds was 3.89%.

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