Hungarian state debt manger AKK sold a combined HUF 68bn (
AKK sold HUF 30bn worth of three-year bonds, up from HUF 25bn initially planned. The issue lured bids of HUF 76.5bn, up from HUF 68.4bn at the previous auction. Despite this, the average yield increased by 30bps from the previous tender to 5.06% and was by 5bps over the secondary benchmark fixing.
The state debt authority floated the announced volume of HUF 20bn in five-year bonds. Demand picked up to HUF 39.8bn providing a relatively healthy coverage ratio. The average yield stood at 5.34%, up by 36bps from previous tender but 2bps under the secondary market benchmark.
AKK placed HUF 18bn in ten-year bonds, raising the float by HUF 6bn. Investors' bids came in at HUF 35.3bn, up from HUF 33.1bn at the previous tender. The average yield stood at 6.17%, increasing by 22pps from the previous auction but again 4bps under the secondary benchmark fixing.
AKK sold HUF 8.3bn of the bonds in a non-competitive tender held after the auction.
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