ÁKK switch auction bond sales fall short
The Government Debt Management Agency (ÁKK) sold HUF 29.5 billion of bonds maturing in 2023 and 2026 at a switch auction on Wednesday, accepting bonds expiring in 2021 and 2022 as payment, state news wire MTI reported.
The ÁKK sold HUF 9.5 bln of 2023/B floating-rate bonds for 2021/A floating-rate bonds, under the HUF 20 bln plan. Demand from primary dealers came to HUF 16.2 bln for the exchange.
The ÁKK also sold HUF 20.0 bln of fixed-rate 2026/D bonds for 2022/A bonds, in line with the plan. Bids reached HUF 60.1 bln.
The average yield on the 2026/D bonds was 1.40%, 45 basis points over the yield on the five-year secondary market benchmark which matures in 2024.
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