The Government Debt Management Agency (AKK) sold HUF 9.5 billion of 2016/C bonds, HUF 500 million less than planned, in exchange for two bonds maturing in 2013 at an exchange auction on Wednesday.

AKK accepted HUF 5 billion of HUF 14.6 billion of offers by primary dealers to buy 2016/C bonds in exchange for 2013/D bonds.

It reduced the accepted volume from the announced HUF 5 billion to HUF 4.5 billion 2016/A bonds if paid for with 2013/E bonds. Offers for payment with these bonds totaled HUF 11.3 billion.

Average auction yield came to 8.51.

The average auction yield of the 2016/C bonds was slightly below the 8.54% secondary market yield of the closest, 2015/C benchmark bond, expiring six months earlier.

AKK said earlier in the morning it will calculate 2013/D bonds as payment at a yield of 7.53% and 2013/E bonds at a yield of 7.60%.