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Demand high, ÁKK sells HUF 75 bln of bonds at switch auction

Debt

The Government Debt Management Agency (ÁKK) sold primary dealers HUF 75 bln of bonds maturing in 2022 and 2023 in exchange for bonds that run till 2016 at a switch auction on Wednesday.

The combined sale was HUF 25 bln under the original offer. ÁKK raised the original offer to HUF 100 bln from HUF 40 bln at the previous switch auction held on June 18.

ÁKK sold HUF 35 bln of the 2022/A bonds, HUF 15 bln less than planned. Bids came to HUF 55 bln, sharply up from HUF 10.1 bln two weeks earlier. Average yield fell to 4.08% from 4.27% on June 18.

ÁKK sold HUF 40 bln of the 2023/A bonds, HUF 10 bln less than planned. Bids reached HUF 59.2 bln, rising from HUF 32.1 bln at the previous switch auction. Average yield was 4.26%, down from 4.44%.

Of the closest benchmark, the five-year benchmark, calculated on 2019/A bonds stood at 3.36% and the ten-year yield, calculated on 2025/B bonds, was 4.43% on Tuesday.

ÁKK accepted 2016/C bonds as payment for both bonds at a fixed yield of 2.10%.

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