ÁKK Sells HUF 87.5 bln of Bonds at Auction

Debt

The Government Debt Management Agency (ÁKK) sold HUF 87.5 billion of bonds at auction on Thursday, HUF 42.5 bln over the plan, news agency MTI reports.

ÁKK sold HUF 4.5 bln of three-year bonds, cutting its HUF 15 bln original offer after primary dealers submitted bids of just HUF 9.6 bln. The average yield was 10.34%, 2 bp over the secondary market benchmark yield and 5 bp higher than the yield at the previous auction of the bonds two weeks earlier.

The agency sold HUF 41 bln of five-year bonds, raising its offer from HUF 15 bln after bids came to HUF 72.8 bln. The average yield was 9.21%, 6 bp under the benchmark and 5 bp lower than the yield at the auction two weeks earlier.

ÁKK sold HUF 42 bln of 10-year bonds, HUF 27 bln over the original offer. Bids reached HUF 82.7 bln. The average yield was 8.3%, 3 bp under the benchmark, and 14 bp lower than the yield two weeks earlier.

The agency sold a further HUF 8.2 bln of the five-year and HUF 6.8 bln of the 10-year bonds at a non-competitive tender after the auction.

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