The Government Debt Management Agency (ÁKK) sold HUF 40 billion of bonds maturing in 2026 and 2028, accepting bonds expiring in 2020 as payment at a switch auction on Wednesday, state news wire MTI reported.
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 80.59 bln for the exchange.
The 2026/D bonds sold at an average yield of 2.65%. The average yield of the 2020/C bonds was 0.41%.
The ÁKK also sold HUF 20 bln of 2028/A bonds for 2020/A bonds, also in line with its original offer. Bids reached HUF 27.70 bln.
The 2028/A bonds sold at an average yield of 2.80%. The average yield of the 2020/A bonds was 0.46%.
Of the closest secondary market benchmarks, the three-year benchmark calculated on 2021/C bonds was 1.00%, the five-year benchmark calculated on 2024/C bonds was 2.24%, and the ten-year benchmark calculated on 2027/A bonds was 2.73%.