ÁKK sells HUF 5.5 bln of floating-rate bonds at switch auction, below plan

Debt

The Government Debt Management Agency (ÁKK) sold HUF 5.5 bln of floating-rate bonds maturing in 2019 for fixed-rate bonds that expire in 2017 at a switch auction today, Hungarian news agency MTI reported. The sale was under the HUF 20 bln plan.

Primary dealers bid to buy HUF 6.8 bln of the floaters expiring in 2019 for the fixed-rate 2017/C bonds. 

Both demand and the sale were below the respective HUF 21.5 bln and 12 bln at the previous switch of the same bonds on June 15 where the ÁKK also sold fixed-rate bonds expiring in 2025 for 2018/B bonds.

The floating-rate 2019 bonds sold at an average price of 97.85% at the exchange, a touch below the 97.87% average at two weeks earlier.

ÁKK calculated the 2017/C bonds which expire on December 20, 2017 at a net price of 99.8096% as payment.

The twelve-month secondary market yield, calculated on a bill expiring on May 24, 2017, was 0.95% yesterday. 

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