ÁKK switches HUF short-term bonds to HUF 45 bln long ones at auction

Debt

The Government Debt Management Agency (ÁKK) sold primary dealers HUF 45 bln of government bonds maturing in 2023 and 2028, for bonds that run until 2017, at a switch auction on Wednesday, HUF 35 bln less than planned.

ÁKK sold HUF 30 bln of 2023/A bonds for 2017/A bonds, HUF 20 bln less than the original offer after receiving bids for HUF 42.6 bln. Average auction yield was 3.05%.

ÁKK sold HUF 15 bln of 2028/A bonds for payments with 2017/A bonds, less than the HUF 30 bln original offer. Bids reached HUF 19.3 bln. Average auction yield was 3.36%.

ÁKK calculated 2017/A bonds as payment at a yield of 1.72%.

The yield of the bonds sold at the switch auction compare to a ten-year secondary market yield of 3.14% and a 15-year yield, calculated on the same 2028/A bonds, of 3.34%.

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