Hungary’s state debt increases again significantly

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The Government Debt Management Agency (ÁKK) sold HUF 132.5bn of bonds at auction on Thursday, HUF 52.5bn over the plan.

ÁKK sold HUF 50.0bn of three-year bonds, raising its original offer by HUF 20.0bn after primary dealers submitted bids for HUF 57.7bn of the securities. Average yield was 6.55pc, 10bp over the secondary market benchmark yield and 18bp higher than the yield at the previous auction of the bonds two weeks earlier.

ÁKK sold HUF 53.5bn of five-year bonds HUF 23.5bn more than planned. Bids reached HUF 59.8bn. Average yield was 6.54pc, 9bp over the benchmark and 29bp higher than the yield a weeks earlier.

ÁKK sold HUF 29.0bn of ten-year bonds, HUF 9.0bn over the original offer. Bids came to HUF 37.1bn. Average yield was 6.87pc, 9bp over the benchmark and 18bp higher than the yield at the previous auction.

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