ÁKK switch auction sales fall below plan

Debt

The Government Debt Management Agency (ÁKK) sold HUF 35.5 billion of bonds maturing in 2026 and 2028, accepting securities expiring in 2020 as payment, at a switch auction on Wednesday, state news wire MTI reported.

The ÁKK sold HUF 15.5 bln of 2026/D bonds for 2020/C bonds, below its original HUF 20 bln offer. Demand from primary dealers came to HUF 44.83 bln for the exchange.

The 2026/D bonds sold at an average yield of 2.55%. The average yield of the 2020/C bonds was a negative 0.02%.

The ÁKK also sold HUF 20 bln of 2028/A bonds for 2020/A bonds, in line with its original offer. Bids reached HUF 34.18 bln.

The 2028/A bonds sold at an average yield of 2.83%. The average yield of the 2020/A bonds was 0.01%.

Of the closest secondary market benchmarks, the five-year benchmark calculated on 2024/C bonds was 2.12%, while the ten-year benchmark calculated on 2030/A bonds was 3.17%.

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