ÁKK sells HUF 50 bln of bonds at switch auction, as planned

Debt

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Hungary’s Government Debt Management Agency (ÁKK) sold a combined HUF 50 bln of bonds maturing in 2022 and 2024 for bills expiring in 2020 and 2018 at a switch auction today, Hungarian news agency MTI reported.

The ÁKK sold HUF 30 bln of 2022/A bonds, accepting 2020/A bonds as payment. The ÁKK also sold HUF 20 bln of 2024/B bonds for 2018/C bonds. The scale of the sales was in line with the original plan in both cases. 

Demand by primary dealers for the 2022/A bonds came to HUF 62.20 bln. Demand for 2024/B bonds was HUF 20.29 bln.

The 2022 bonds sold at an average yield of 1.98% at the exchange, while the 2024 bondsʼ average yield came to 2.64% at the switch auction. The average yield of the 2020/A bonds was 1.49% and that of the 2018/c bonds was 0.55%.

Of the closest secondary market benchmarks, the five-year benchmark, calculated on 2021/B bonds, was 1.80% and the three-year benchmark calculated on 2019/c bonds was 1.17%.

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