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ÁKK sells HUF 52 bln of bonds at auction, as planned

Debt

The Government Debt Management Agency (ÁKK) sold a combined HUF 52 bln of bonds at auction on Thursday, in line with the original offer, although it sold more five-year bonds and fewer 15-year bonds than planned.

ÁKK sold HUF 20 bln of the three-year bonds, as offered before the auction. Primary dealers bid for HUF 36.8 bln of the papers. Average yield was 2.58%, 4bp under the secondary market benchmark but 2bp over the yield at the previous auction of the bonds two weeks earlier. Yields ranged between 2.55% and 2.60%.

ÁKK sold HUF 23 bln of the five-year bonds, raising its offer by HUF 3 bln after dealers bid for HUF 47.6 bln. Average yield was 3.03%, 7bp under the benchmark but 6bp over the yield at the auction two weeks earlier. Yields ranged between 3.00% and 3.05%.

ÁKK cut its offer for the 15-year bond from HUF 12 bln to HUF 9 bln as bids came to just HUF 12.8 bln. Average yield was 3.82%, 4bp under the benchmark and 44 lower than the yield at the previous auction of the bonds late in October. Yields ranged between 3.80% and 3.83%.

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