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ÁKK switch auction bond sales fall below plan

Debt

The Government Debt Management Agency (ÁKK) sold HUF 19.5 billion of bonds maturing in 2026 and 2028, accepting bonds expiring in 2021 as payment, at a switch auction on Wednesday.

The ÁKK sold HUF 10 bln of 2026/D bonds for 2021/C bonds, below its original offer of HUF 20 bln. Demand from primary dealers came to HUF 12.42 bln for the exchange.

The 2026/D bonds sold at an average yield of 2.07%. The average yield of the 2021/C bonds was 0.37%.

The ÁKK also sold HUF 9.5 bln of 2028/A bonds for 2021/B bonds, also below its original offer of HUF 20 bln, after bids reached HUF 15.55 bln.

The 2028/A bonds sold at an average yield of 2.37%. The average yield of the 2021/B bonds was 0.54%.

Of the closest secondary market benchmarks, the three-year benchmark calculated on 2022/C bonds was 0.89%, the five-year benchmark calculated on 2024/C bonds was 1.53%, and the ten-year benchmark calculated on 2030/A bonds was 2.61%.

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