ÁKK sells HUF 70 bln of bonds at auction, HUF 15 bln over plan

Debt

The Government Debt Management Agency (ÁKK) sold a combined HUF 70 bln of bonds at auction on Thursday, HUF 15 bln more than planned.

Yields were slightly down from the latest secondary market benchmarks, and, on the two shorter maturities, also fell from the previous auction. The ten-year average yield rose, however, from its last auction held on August 19. Demand for the three-year bonds halved but bids for the ten-year bonds nearly doubled from their previous auctions.

ÁKK sold HUF 20 bln of three-year bonds, in line with plans. Primary dealers bid for HUF 50.7 bln of the papers. Average yield was 1.75%, 3 bps under the secondary market benchmark and 22 bps lower than the yield at the previous auction of the bonds two weeks earlier.

ÁKK sold HUF 30 bln of five-year bonds, HUF 10 bln over the original offer. Bids reached HUF 69.8 bln. Average yield was 2.54%, 2 bps under the benchmark and 13 bps under the yield at the auction two weeks earlier.

ÁKK sold HUF 20 bln of ten-year bonds, HUF 5 bln more than planned. Bids came to HUF 43.3 bln. Average yield was 3.57%, 1 bps under the benchmark but 11bo over the average at the last auction of the bonds four weeks earlier.

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