MNB allocates HUF 50 bln of MIRS at tender
Image by Jessica Fejos
The National Bank of Hungary (MNB) allocated HUF 50 billion of monetary policy interest rate swaps (MIRS), its recently introduced facility designed to flatten the yield curve, at a tender yesterday, state news wire MTI reported.
As at the previous tender two weeks ago, the MNB allocated HUF 10 bln of five-year MIRS and HUF 40 bln of ten-year MIRS, in line with the announced offered amounts. Lendersʼ bids came to HUF 38.8 bln for the five-year MIRS and HUF 92.5 bln for the ten-year swaps.
The fixed rates for the swaps were 0.46% for the five-year and 1.17% for the ten-year swaps. The floating interest rate of the first period was a negative 0.007143%.
MNB policy makers decided in November to launch the MIRS facility, setting a HUF 300 bln allocation for the first quarter of 2018. The central bank is holding MIRS tenders every other Thursday.
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