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Hungary bond auction unsuccessful

The Government Debt Management Agency (AKK) refused all bids at a bond exchange auction on Wednesday.

None of the bids submitted by primary dealers to exchange HUF 7.7bn of 2013/D bonds and HUF 5.3bn 2013/E bonds for 2020/A bonds were accepted.

AKK told MTI after the auction that demand was adequate but yields did not make the exchange worthwhile for the state.