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ÁKK sells more than planned bonds, yields drop

Debt

The Government Debt Management Agency (ÁKK) sold a total of HUF 59 billion bonds instead of an originally planned HUF 45 billion, raising its offer of three- and ten-year bonds on healthy demand at a bond auction on Thursday. Auction yields fell from the previous auctions and were also slightly down or unchanged from the respective secondary market benchmarks. ÁKK sold HUF 30 billion of three-year bonds, HUF 10 billion more than planned after receiving bids for HUF 58.6 billion. Bids were hardly changed from HUF 57.8 billion at the previous auction on Februry 21 when AKK raised its sales by HUF 5 billion to HUF 25 billion. The three-year average yield was 5.20%, 4bp under the secondary market benchmark, and 11bp under the yield at the February 21 auction. Accepted yields moved in a narrow range between 5.19% and 5.20%. ÁKK sold HUF 15 billion of five-year bonds, in line with the original offer. Bids came to HUF 32.8 billion. The debt manager sold the announced HUF 15 billion at the previous auction on February 21 too, when it received bids for HUF 27.6 billion. The five-year average auction yield was 5.63%, 2b under the benchmark and 3bp under the yield at the previous auction. Yields ranged between 5.59% and 5.65%. ÁKK sold HUF 14 billion of ten-year bonds, HUF 4 billion more than planned as bids reached HUF 28.4 billion. Demand rose sharply from HUF 18.0 billion at the previous auction of the bonds on February 7 when AKK sold the announced HUF 10 billion of the papers. The ten-year average yield was 6.30%, the same as Tuesday's benchmark, and 14bp under the yield at the previous auction of the bonds four weeks earlier. Yields ranged between 6.27% and 6.35%.

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