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ÁKK sells HUF 82.5 bln of bonds at auction, over plan

Debt

The Government Debt Management Agency (ÁKK) sold a combined HUF 82.5 billion of bonds at auction on Thursday, HUF 27.5 bln more than planned, state news wire MTI reported.

Demand was high compared to the offers and the debt manager accepted oversubscription on all three terms. Average auction yields rose compared to the previous auction, but were under the latest benchmarks.

The ÁKK sold HUF 30 bln of three-year bonds, up HUF 10 bln from the original offer. Primary dealers bid for HUF 56.6 bln of the securities, and the average yield was 1.84%, 5 basis points under the secondary market benchmark, but 8 bps higher than the yield at the previous auction of the bonds two weeks earlier. 

The ÁKK also sold HUF 30 bln of five-year bonds, likewise HUF 10 bln over plan, after bids came to HUF 83.9 bln. The average yield was 3.27%, 4 bps under the benchmark, and 31 bps lower than the yield at the auction two weeks earlier.  

Finally, the ÁKK sold HUF 22.5 bln of ten-year bonds, raising its offer by HUF 7.5 bln after dealersʼ bids reached HUF 53.4 bln. The average yield was 3.87%, 4 bps below the benchmark, but 29 bps higher than the yield at the last auction of ten-year bonds four weeks earlier.

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