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Increased T-bill sales feature in ÁKKʼs Q2 plan

Debt

Hungaryʼs Government Debt Management Agency (ÁKK) plans modest net forint securities issues of HUF 94 billion in April-June, paying off part of two big bond redemptions and planned early bond buybacks through increased discount T-bill sales, targets posted on its website show.

The ÁKKʼs three-month issue plan targets gross issues of HUF 1,545 bln and gross redemptions of HUF 1,451 bln.

Bond issues are planned at HUF 685 bln, including HUF 580 bln at 13 auctions and HUF 105 bln shorter bonds to be exchanged for longer ones at seven switch auctions in the period.

Bond expiries will total HUF 841 bln, of which HUF 351 bln of 2018/B bonds will be due on April 25 and HUF 325 bln of 2018/C bonds on June 22. Additionally, the ÁKK plans to buy back HUF 60 bln of bonds at six buyback auctions planned in the period. 

The ÁKK will offer floating-rate bonds and fixed-rate bonds on alternate weeks during the period, as earlier. 

The ÁKK plans HUF 140 bln net issues of three-month discount T-bills at 13 auctions during the period. Gross three-month expiries will reach HUF 620 bln.  Offers of the three-month bills will come to HUF 55 bln per auction, up from the HUF 40 bln offer typical since the end of October. 

The plan puts gross sales of twelve-month discount T-bills at HUF 240 bln, against gross expiries of HUF 130 bln in April-June. Twelve-month bills of HUF 60 bln will expire on April 11, and another HUF 70 bln will expire on May 23.  The twelve-month offer, at about HUF 34 bln per auction, is also up from recent offers of HUF 30 bln.

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