Strong demand at Hungary's bond auction
Investors clamored to purchase Hungarian debt as the country experienced heavy demand at its biweekly Thursday bond auction, resulting in more being sold than originally planned, reports Portfolio.hu. A HUF 50 million lot of bonds netted bids worth a total of HUF 99 million, prompting a net total of an extra HUF 2.5 billion to be issued.
At the same time, yields dropped considerably compared to the previous auction a fortnight ago, with a fall of 41-67 base points on today's bonds.
The most successful sell-off was for the tranche of 3-year bonds, which attracted HUF 57.7 billion on a lot valued at HUF 15 billion, with an average yield of 6.23%. However, a HUF 15 billion lot of 10-year bonds only resulted in HUF 14 billion of bids at an average yield of 7.28%, causing the issuer to withdraw HUF 5 billion of the lot.
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