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Interest high, ÁKK buys back HUF 71.6 bln of bonds at reverse auction

Debt

The Government Debt Management Agency (ÁKK) bought back HUF 71.6 billion of bonds before maturity in 2013 and 2014 at a reverse auction on Wednesday. The auction was the first repurchase auction held since last October. Interest in the early redemption far exceeded usual levels, focusing on the bond expiring next February. The average repurchase yields were still down from Tuesday's closest secondary market benchmarks. ÁKK bought back HUF 8.7 billion of 2013/E bonds. Dealers submitted HUF 9.8 billion for redemption. Average repurchase yield on the bonds, which mature on October 24, 2013, was 4.76%, 13bp under the closest, six-month secondary market benchmark on Tuesday. ÁKK bought back HUF 62.9 billion of 2014/C bonds. Dealers put up HUF 73.8 billion for redemption. Average repurchase yield on the bonds, which mature on February 12, 2014, was 4.71%, 10bp under the twelve-month benchmark. The settlement of the early repurchases on March 13 will leave HUF 465 billion of 2013/E bonds and HUF 587 billion of 2014/C bonds on the market. ÁKK bought back early a combined HUF 236 billion of bonds expiring in the second half of 2012 or in 2013 at 16 reverse auctions last year, Econews calculated.

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