Dealers exchange HUF 8 bln of bonds at switch auction
Primary dealers exchanged two bonds maturing in 2014 for HUF 8 billion in bonds maturing in 2019 at an auction held by the state debt management agency ÁKK on Wednesday. ÁKK had planned to exchange a combined HUF 15 billion of the bonds. Demand to exchange 2014/C bonds, due next February, for 2019/A bonds came to HUF 8.4 billion. But AKK accepted just HUF 5 billion, in line with the original offer. Dealers acquired the bonds at an average yield of 4.63%. Demand to exchange 2014/D bonds, maturing next August, reached HUF 11.2 billion, but AKK accepted just HUF 3 billion, well under the original HUF 10 billion offer. The bonds were acquired at an average yield of 4.61%.
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