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15-yr bonds receive mammoth bids at auction

The Government Debt Management Agency (ÁKK) has received Ft 95.6 billion and Ft 89.8 billion worth of bids on Ft 65 billion and Ft 20 billion 3-year (2009/E) and 15-year bonds (2020/A), respectively, at auctions on Thursday. The ÁKK sold Ft 5 billion less of the shorter instrument and Ft 5 billion more of the 15-year bonds.
The bid/cover ratio at the 15-year paper was 3.6. Such a huge bid has not been seen for the bond since the auction series took off in November 2001.
The average yield of the 3-year maturity was set to 6.92%, up 14 bps from Wednesday's reference yield and 17 bps higher than t the previous auction on 5 January.
The average yield of the 15-year bonds came in at 6.77%, down 3 bps from yesterday's reference yield and also 3 bps lower than t the previous auction on 8 December 2005.