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Hungary bond exchange auction undersubscribed; ÁKK refuses all bids

Demand was little more than 40% of the on offer and Hungary's Government Debt Management Agency (ÁKK) refused all the bids it received for exchanging bonds maturing in 2013 for a bond maturing in 2020.

Demand for the 2020/A bonds totaled HUF 4.4 billion in exchange for 2013/D bonds and totaled HUF 4.l1 billion if paying with 2013/E bonds.

At the previous exchange auction on August 17, ÁKK sold the announced combined HUF 16 billion of 2019/A bonds in exchange of the same two bonds at an average yield of 7.23%. Combined demand at the August 17 auction totaled HUF 39.3 billion.