The Government Debt Management Agency (ÁKK) sold HUF 29 billion of bonds maturing in 2026 and 2028, accepting bonds expiring in 2020 as payment, at a switch auction on Wednesday. Bids for the longer-term securities fell below the offered amount.
The ÁKK sold HUF 20 bln of 2026/D bonds for 2020/C bonds, in line with its original offer. Demand from primary dealers came to HUF 23.6 bln for the exchange. The 2026/D bonds sold at an average yield of 2.73%, while the 2020/C bonds were accepted at a fixed yield of 0.12% in the exchange.
The ÁKK also sold HUF 9 bln of 2028/A bonds for 2020/A bonds, down HUF 11 bln from its original offer. Bids reached HUF 17.5 bln. The 2028/A bonds sold at an average yield of 3.06%. The yield of the 2020/A bonds was fixed at 0.15%.
The five-year benchmark yield on 2024/C bonds was 2.12% on Tuesday. The ten-year benchmark yield on 2038/A bonds was 3.21%.