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Yields rise at bond auction

Yields rose at an auction of three-, five- and ten-year bonds by the Government Debt Management Agency (AKK) on Thursday.

AKK sold HUF 20 billion of 2014/D bonds, the announced amount. Primary dealers submitted offers for HUF 39.5 billion. Average yield came to 6.58%, 7bp over the secondary market benchmark but 10bp under the yield at the previous auction of the bonds two weeks earlier. Yields ranged between 6.55% and 6.60%.

AKK sold HUF 15 billion of 2017/B bonds, in line with the original offer. Dealers bid for HUF 31.9 billion. Average yield was 6.95%, 12bp over the secondary market benchmark, but 6bp under the yield at the previous auction two weeks earlier. Yields ranged between 6.91% and 7.00%.

AKK sold HUF 10 billion of 2022/A bonds, also in line with the announced amount. Offers came to HUF 20.1 billion. Average yield was 7.21%, 16bp over the secondary market benchmark and 2bp higher than the yield at the previous auction. Yields ranged between 7.17% and 7.24%.