| Hungarys state debt manger AKK sold HUF 40bn (EUR 137mn) in three, five and 10-year bonds, as it cut float of five-year bonds on weak demand and sold more 10-year bonds than initially planned, the agency said. It cut the float of five-year bonds by HUF 5bn to HUF 10bn as investors bid only HUF 14.3bn. The average yield stood at 8.30%, or 34bps below the level from the previous auction held two weeks ago but 3bps over the secondary market benchmark. AKK sold the initially planned amount of HUF 20bn in three-year bonds as primary dealers offered HUF 28bn. The average yield fell by 22bps from the previous auction to 8.22%, but it was still 9bps over the secondary market benchmark. The offer on 10-year bonds was raised by HUF 2bn to HUF 10bn on bids of HUF 19.9bn. The issue produced an average yield of 8.30%, or 1bp under the secondary market benchmark and 40bps lower than the yield at the previous auction two weeks ago. |
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