Hungary bond exchange auction undersubscribed; ÁKK refuses all bids
Demand was little more than 40% of the on offer and Hungary's Government Debt Management Agency (ÁKK) refused all the bids it received for exchanging bonds maturing in 2013 for a bond maturing in 2020.
Demand for the 2020/A bonds totaled HUF 4.4 billion in exchange for 2013/D bonds and totaled HUF 4.l1 billion if paying with 2013/E bonds.
At the previous exchange auction on August 17, ÁKK sold the announced combined HUF 16 billion of 2019/A bonds in exchange of the same two bonds at an average yield of 7.23%. Combined demand at the August 17 auction totaled HUF 39.3 billion.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.