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ÁKK sells HUF 97 bln of bonds at auction, over plan

The Government Debt Management Agency (ÁKK) sold a combined HUF 97 billion of bonds at auction on Thursday, raising its original offer by HUF 27 bln as demand was strong, especially for three-year and ten-year bonds.

The ÁKK sold HUF 33.5 bln of three-year bonds, raising its original offer by HUF 8.5 bln. Bids came to HUF 78.4 bln, and the average yield was 0.75%, 3 basis points below the secondary market benchmark, and 4 bps below the yield at the previous auction of the bonds held two weeks earlier.

The ÁKK also sold HUF 33.5 bln of five-year bonds, likewise raising its offer by HUF 8.5 bln, after dealers bid for HUF 49.1 bln of the papers. The average yield was 1.26%, 1 bp below the secondary market benchmark but 4 bps over the yield at the March 29 auction.   

Finally, the ÁKK sold HUF 30 bln of ten-year bonds, HUF 10 bln over the original offer. Bids reached HUF 50.4 bln. The average yield was 2.37%, 1 bp under the yield on the secondary market benchmark and 26 bps lower than the yield at the previous ten-year auction held four weeks earlier on March 14.