ÁKK sells HUF 68.5 bln of bonds at auction, over plan
Hungaryʼs Government Debt Management Agency (ÁKK) sold a combined HUF 68.5 bln of fixed-rate bonds at an auction today, HUF 20.5 bln more than originally planned in the light of large demand, Hungarian news agency MTI reported.
The debt manager raised the sale of all three bonds on offer. Yields fell from the previous auction, which was held two weeks earlier on June 23, on the day of the U.K. Brexit vote in the case of two shorter bonds. The average yields of the two shorter bonds fell compared to Wednesdayʼs secondary market benchmarks but were over the respective benchmark on the longest term.
ÁKK sold HUF 30 bln of three-year bonds, HUF 10 bln more than planned. Primary dealers bid for HUF 89.6 bln of the securities. Average yield was 1.70%, 1 bps under the secondary market benchmark and 3 bps under the yield at the previous auction of the bonds two weeks earlier.
ÁKK sold HUF 22.5 bln of five-year bonds, HUF 7.5 bln over the plan. Bids came to HUF 82.1 bln. Average yield was 2.07%, 4 bps under the benchmark and 16 bps lower than the average two weeks earlier.
ÁKK sold HUF 16 bln of ten-year bonds, raising the original offer by HUF 4 bln. Dealers bid for HUF 45 bln of the papers. Average yield was 2.91%, 2 bps over the benchmark but 36 bps under the yield at the previous auction of the ten-year papers on June 9.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.