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ÁKK switch auction sale falls below plan

Debt

The Government Debt Management Agency (ÁKK) sold HUF 35 billion of bonds maturing in 2023 and 2026 at a switch auction on Wednesday, accepting bonds expiring in 2021 and 2022 as payment, state news wire MTI reported.

The ÁKK sold HUF 15 bln of 2023/B floating-rate bonds for 2021/A floating-rate bonds, below its original offer of HUF 20 bln. Demand from primary dealers came to HUF 23.12 bln for the exchange.

The ÁKK also sold HUF 20 bln of 2026/D bonds for 2022/A bonds, in line with its original offer. Bids reached HUF 73.92 bln.

The 2026/D bonds sold at an average yield of 1.44%. The average yield of the 2022/A bonds was 0.23%.

Of the closest secondary market benchmarks, the three-year benchmark calculated on 2022/C bonds was 0.40%, while the five-year benchmark calculated on 2024/C bonds was 1.05%.

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