Yields, remand rise on Hungarys bonds.

By bne IntelliNews February 25, 2011
The Hungarian state debt manger placed HUF 62.5bn (EUR 228mn) in three fixed-rate bonds instead of the originally planned HUF 45bn (EUR 164.5mn) on February 24, as demand doubled to HUF 192.6bn (EUR 704mn) from the HUF 130.8 (EUR 379mn) primary bids accepted at the previous auction, the authority reported. The yields on three-year bonds increased to an average of 6.99% at the auction on February 24, which is by 3bps above Thursdays secondary market benchmark and 3bp over the yield at the auction two weeks ago. The accepted yields ranged from 6.98% to 7%. The authority placed by HUF 10bn (EUR 36.6mn) more than the initially planned HUF 20bn (EUR 73mn), as the three-year bond issue attracted HUF 94.7bn worth of bids. The state debt manager raised also the amount of sold five-year bonds by HUF 7.5bn to HUF 22.5bn. The average yield reached 7.39% or 15bps over the benchmark fixing and 28bps over the previous auction, with offered yields ranging between 7.38% and 7.4%. The placed bids were for HUF 79.9bn. The authority placed the planned amount of HUF 10bn in fifteen-year bonds at an average yield of 7.55%, 6bps over the secondary market benchmark. Primary dealers bid for HUF 18bn, with accepted yields varying from 7.52% to 7.57%. Additional HUF 21bn bonds were sold at a non-competitive tender after the auction.

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