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ÁKK sells HUF 59.9 bln of bonds at auction, over plan

The Government Debt Management Agency (ÁKK) sold a combined HUF 59.9 billion of bonds at auction on Thursday, raising its original offer by almost HUF 10 bln on strong demand for the longer terms, state news wire MTI reported.

The ÁKK sold HUF 8.4 bln of three-year bonds, accepting all bids by primary dealers. It had originally offered HUF 15.0 bln of the securities. The average yield was 0.38%, 2 basis points under the secondary market benchmark and 52 bps under the yield at the previous auction of the bonds on July 18.

The ÁKK also sold HUF 30.0 bln of five-year bonds, raising its original offer by HUF 10.0 bln after bids reached HUF 77.0 bln. The average yield was 1.06%, 10 bps under the benchmark, but 31 bps over the yield at the previous successful auction of the bonds on August 15.

Finally, the ÁKK sold HUF 21.5 bln of ten-year bonds, some HUF 6.5 bln over plan. Bids came to HUF 51.9 bln. The average yield was 2.05%, 12 bps under the benchmark, but 25 bps over the yield at the previous auction of the bonds two weeks earlier.