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Markets

Hungary lifts bond sale, yields fall

BUDAPEST: Hungary's debt agency AKK raised the amount of bonds sold on all three maturities on offer at auctions on Thur
26 Jan 2012

imzxcvfdsBUDAPEST: Hungary's debt agency AKK raised the amount of bonds sold on all three maturities on offer at auctions on Thursday, selling 48 billion forints ($208.67 million) of debt, 13 billion above its original offer with yields falling sharply from levels two weeks ago.

Yields fell by 68-97 basis points across the yield curve from the previous auctions held two weeks ago, with the front end steepening versus a flat curve at the previous tender.

One trader said the auction results reflected bullish sentiment and growing optimism among investors that the Hungarian government is moving closer to formal talks and an agreement about a new financing deal with the EU and IMF.

"This is a big step forward from the previous auction, but not a big surprise as the average yields were set at the secondary market levels, while the number of bids was not huge," another Budapest-based fixed income trader said.

Copyright Reuters, 2012