The Government Debt Management Agency (AKK) repurchased a combined HUF 16.97 billion of bonds before maturity at a reverse auction on Wednesday. Primary dealers offered HUF 78.56 billion of the bonds.
Both demand for the early buyback and accepted offers fell from recent auctions. AKK bought back HUF 34 billion bonds early after receiving offers for HUF 141 billion at the last auction held a week earlier.
AKK bought back HUF 5.05 billion of 2010/D bonds, which mature on August 24, 2010 on Wednesday. Dealers offered HUF 24.11 billion of the bonds. Average yield was 9.91%, 31bp over Tuesday's secondary market twelve-month benchmark.
AKK repurchased HUF 5.5 billion of 2011/C bonds, which mature on April 22, 2011. Offers came to HUF 24.9 billion. Average yield was 10.23%, compared to a three-year secondary market benchmark of 10.22% on Tuesday.
AKK accepted HUF 6.47 billion of the offers for 2012/B bonds, which mature on June 12, 2012. Dealers offered HUF 36.86 billion of the bonds. Average yield was 10.33%, over the three-year benchmark.
Including the current auction, AKK has repurchased HUF 482 billion of bonds at reverse auctions so far this year, Econews calculated. (MTI-Econews)