ÁKK sells HUF 56 bln of bonds at auction, over plan

Debt

The Government Debt Management Agency (ÁKK) sold HUF 56 bln of three-, five- and ten-year bonds at auction on Thursday, raising its original offer by HUF 9 bln.

Demand was healthy, especially for the two shorter bonds, but was down from the high oversubscription of the previous auction held two weeks earlier.

After sharp drops at the previous auction, the three- and five-year auction yield rose for the first time since the middle of August, although the latter fell from Wednesdayʼs secondary market benchmark. The ten-year yield decreased further but the drop considerably slowed.

ÁKK sold HUF 24 bln of three-year bonds, raising its original offer by HUF 4 bln after primary dealers bid for HUF 41.3 bln of the papers. Average yield was 1.72%, 3 bps up from the secondary market benchmark and up 20 bps from the yield at the previous auction of the bonds two weeks earlier.

ÁKK sold HUF 20 bln of five-year bonds, raising the original offer by HUF 5 bln. Bids came to HUF 49.4 bln. Average yield was 2.35%, 3 bps under the benchmark while 5 bps higher than the yield two weeks earlier.

ÁKK sold HUF 12 bln of ten-year bonds as planned. Bids reached HUF 17.9 bln. Average yield was 3.27%, the same as the benchmark and 2 bps lower than the yield at the previous auction.

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