The yields of the switch auctions exceeded the five-year yield on the secondary market.
ÁKK sold HUF 45 bln of 2020/A bonds for 2016/D bonds, HUF 5 bln less than the original offer after receiving bids for HUF 67.3 bln. Average auction yield was 2.43%.
ÁKK sold HUF 30 bln of 2020/A bonds for payments with 2017/B bonds, less than the HUF 50 bln original offer. Bids reached HUF 43.3 bln. Average auction yield was 2.44%.
ÁKK calculated 2016/D bonds as payment at a yield of 1.14% and accepted 2017/B bonds at a yield of 1.37%.
The yield of the bonds sold at the switch auction compare to a five-year secondary market yield of 2.34%.