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ÁKK switch auction bond sales go to plan

Debt

The Government Debt Management Agency (ÁKK) sold a combined HUF 40.0 billion of bonds maturing in 2026 and 2028 at a switch auction on Wednesday, accepting bonds expiring in 2021 as payment, state news wire MTI reported.

The ÁKK sold HUF 20.0 bln of 2026/D bonds for 2021/C bonds, in line with its original offer. Demand from primary dealers came to HUF 39.7 bln for the exchange.

The 2026/D bonds sold at an average yield of 1.41%. The 2021/C bonds used as payment were calculated at a yield of 0.16%.

The ÁKK also sold HUF 20.0 bln of 2028/A bonds for 2021/B bonds, as planned, after bids reached HUF 27.6 bln.

The 2028/A bonds sold at an average yield of 1.67%. The yield of the 2021/B bonds was 0.06%.

Of the closest secondary market benchmarks, the three-year benchmark calculated on 2022/C bonds was 0.60%, the five-year benchmark calculated on 2024/C bonds was 1.05%, and the ten-year benchmark calculated on 2030/A bonds was 1.94%.

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