Hungary sells EUR 132.2mn in govt bonds, cuts offer of longer bonds.

By bne IntelliNews November 5, 2012
Hungarys state debt manger AKK sold HUF 37.5bn (EUR 132.2mn) in three, five and ten-year bonds, as it cut the offer of five and ten-year bonds due to weak demand, the agency said on its website. It sold the initially planned amount of HUF 20bn in three-year bonds as primary dealers offered HUF 37.9bn worth of bids. The average yield rose by 25bps from the previous auction to 6.15%, but it was still 7bps over the secondary market benchmark. AKK cut the float of five-year bonds by HUF 5bn to HUF 10bn as investors bid only HUF 17.6bn. The average yield stood at 6.35%, or 32bps over the level from the previous auction held on October 18 but 6bps below the secondary market benchmark. The offer on ten-year bonds was lowered by HUF 2.5bn to HUF 7.5bn on bids of HUF 11.3bn. The issue produced an average yield of 6.81%, or 7bp under the secondary market benchmark but 52bps higher than the yield at the previous auction.

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