ÁKK sells HUF 40 bln of bonds at switch auction

Debt

The Government Debt Management Agency (ÁKK) sold HUF 40 billion of bonds maturing in 2023 and 2031 at a switch auction on Wednesday, accepting bonds expiring in 2021 as payment, state news wire MTI reported.

The ÁKK sold HUF 20 bln of 2023/B floating-rate bonds for 2021/A floating-rate bonds, in line with its original offer. Demand from  primary dealers came to HUF 52.77 bln for the exchange. 

The ÁKK also sold HUF 20 bln of 2031/A bonds for 2021/C bonds, in line with its original offer. Bids reached HUF 22.61 bln.

The 2031/A bonds sold at an average yield of 2.15%. The average yield of the 2021/C bonds was minus 0.08%.

Of the closest secondary market benchmarks, the three-year benchmark calculated on 2022/C bonds was 0.39%, while the ten-year benchmark calculated on 2030/A bonds was 2.06%.

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