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ÁKK bond buybacks exceed plan

The Government Debt Management Agency (ÁKK) bought back a combined HUF 46.73 billion of bonds expiring in 2019 and 2020 before maturity at a reverse auction on Wednesday, state news wire MTI reported.   

The ÁKK bought back HUF 5.27 bln of 2019/A bonds, which mature on June 24, 2019, accepting all the bids. The average repurchase yield was 0.01%.

The ÁKK also bought back HUF 41.46 bln of 2020/B bonds maturing on June 24, 2020. Bids reached HUF 58.33 bln, and the average repurchase yield was 0.04%.

The repurchase yields compare to a three-month secondary market benchmark of 0.05% and a 12-month benchmark of 0.22%. The ÁKK had planned to buy back HUF 5 bln of both papers.