Debt Management Agency Sells Securities Over Plan

Hungary's Government Debt Management Agency (AKK) sold HUF 82.0 billion of securities at auction on Thursday, HUF 32.0 billion more than planned, MTI reports.

AKK sold HUF 22.0 billion of discount twelve-month T-bills, lowering its original offer by HUF 8.0 billion after primary dealers bid for just HUF 26.3 billion of the securities. Average yield was 6.25%, 19 bp over the secondary market benchmark yield and 6 bp higher than the yield at the previous auction of the bills two weeks earlier.

AKK sold HUF 40.0 billion of ten-year bonds, quadruple the plan. Bids reached HUF 81.7 billion. Average yield was 6.74%, 6bp under the benchmark yield and 3bp lower than the yield at the previous auction of the bond one week earlier.

AKK sold HUF 20.0 billion of seven-year floating-rate bonds, double the plan. Bids came to HUF 42.0 billion.