ÁKK sells HUF 60 bln of bonds at auction

Debt

The Government Debt Management Agency (ÁKK) sold HUF 60 billion of bonds at auction on Thursday, HUF 20 bln more than planned, according to a report by state news wire MTI.

ÁKK sold HUF 26.5 bln of five-year bonds, raising its original offer by HUF 11.5 bln after primary dealers bid for HUF 51.4 bln of the securities. The average yield was 7.05%, 7 bp over the secondary market benchmark and 55 bp higher than the yield at the previous auction of the bonds four weeks earlier.

The agency sold HUF 26 bln of 10-year bonds, HUF 11 bln more than planned. Bids reached HUF 92 bln. The average yield was 6.71%, 8 bp over the benchmark and 22 bp higher than the yield at the previous auction of the bonds two weeks earlier.

ÁKK sold HUF 7.5 bln of 20-year bonds, cutting its offer by HUF 2.5 bln after bids came to just HUF 12.4 bln. The average yield was 6.58%, 10 bp over the benchmark and 16 bp higher than the yield at the previous auction of the bonds four weeks earlier.

It sold a further HUF 8.9 bln of the five-year bonds and HUF 9.4 bln of the 10-year bonds at a non-competitive tender after the auction. 

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