ÁKK switches less-than-planned short-term bonds to long ones at auction

Debt

The Government Debt Management Agency (ÁKK) sold primary securities dealers HUF 76 bln of bonds maturing in 2020 and 2022 for papers that run until 2016 and 2017, respectively, at a switch auction on Wednesday, HUF 25 bln less than planned.

ÁKK sold just HUF 26 bln of 2019/B bonds, little more than half of the HUF 50 bln original offer. Bids came to HUF 34.1 bln. ÁKK accepted 2016/D bonds as payment for the papers. Average auction yield was 3.18%.

ÁKK sold HUF 50 bln of 2022/A bonds, in line with the original offer. Bids reached HUF 58.3 bln. ÁKK accepted 2017/B bonds as payment. Average auction yield was 3.48%.

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