The Government Debt Management Agency (ÁKK) sold HUF 38.19 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 15.5 bln of 2026/D bonds for 2020/C bonds, below its original offer of HUF 20 bln. Demand from primary dealers came to HUF 22.30 bln for the exchange.
The 2026/D bonds sold at an average yield of 3.13%. The average yield of the 2020/C bonds was 0.50%.
The ÁKK also sold HUF 20 bln of 2028/A bonds for 2020/A bonds, in line with its original offer, after bids reached HUF 27.75 bln.
The 2028/A bonds sold at an average yield of 3.25%. The average yield of the 2020/A bonds was 0.53%.
Of the closest secondary market benchmarks, the three-year benchmark calculated on 2021/C bonds was 1.27%, the five-year benchmark calculated on 2024/C bonds was 2.66%, and the ten-year benchmark calculated on 2027/A bonds was 3.14%, MTI noted.