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

Debt

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

The ÁKK sold HUF 20 bln of 2026/D bonds for 2020/C bonds, in line with its original offer. Demand from primary dealers came to HUF 57.88 bln for the exchange.

The 2026/D bonds sold at an average yield of 2.58%, while the average yield of the 2020/C bonds was 0.34%.

The ÁKK also sold HUF 20 bln of 2028/A bonds for 2020/A bonds, also in line with its original offer. Bids reached HUF 35.20 bln.

The 2028/A bonds sold at an average yield of 2.83%, while the average yield of the 2020/A bonds was 0.38%.

Of the closest secondary market benchmarks, the three-year benchmark calculated on 2021/C bonds was 0.91%, the five-year benchmark calculated on 2024/C bonds was 2.20%, and the ten-year benchmark calculated on 2030/A bonds was 3.11%.

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