Demand strong, yields fall at bond auction
Yields fell and demand was strong at an auction of bonds by the Government Debt Management Agency (AKK) on Thursday.
AKK sold HUF 18bn of three-year bonds, raising its original offer by HUF 3bn after primary dealers bid for HUF 70.9bn.
Average yield at the auction was 8.44%, 39bp under the secondary market benchmark yield but 6bp over the yield at the previous auction of the bonds two weeks earlier. Yields ranged between 8.40% and 8.44%.
AKK sold HUF 12bn of five-year bonds, the announced amount. Dealers offered to buy HUF 27.3bn.
The average yield and the only yield at the auction was 8.70%, 17bp under the secondary market benchmark and just 2bp over the yield a the auction two weeks earlier.
AKK sold HUF 8bn of ten-year bonds, as planned. Offers came to HUF 16.8bn.
Average yield was 8.75%, 14bp under the secondary market benchmark and level with the yield at the previous auction. Yields ranged between 8.75% and 8.80%.
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