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ÁKK sells HUF 65 bln of bonds at auction, over plan

The Government Debt Management Agency (ÁKK) sold a combined HUF 65.0 billion of bonds at auction on Thursday, raising its original offer by HUF 5.0 bln on strong demand for the longest term, state news wire MTI reported.

The ÁKK sold HUF 15.0 bln of three-year bonds, as planned. Primary dealers bid for HUF 42.6 bln of the papers. The average yield was 0.90%, 2 basis points under the secondary market benchmark. The previous auction of the bonds two weeks earlier was scrapped because of poor demand.

The ÁKK also sold HUF 25.0 bln of five-year bonds, in line with the original offer, after bids came to HUF 52.6 bln. The average yield was 1.43%, 3 bps under the benchmark, but 3 bps over the yield at the previous auction two weeks earlier.

Finally, the ÁKK sold HUF 25.0 bln of ten-year bonds, HUF 5.0 bln more than planned. The average yield was 2.38%, 4 bps under the benchmark, but 7 bps over the yield two weeks earlier.