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Hungary Scraps 3-Year Bond Sale
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Hungary's debt management agency AKK scrapped a 3-year bond auction on Thursday and reduced its original offer of the 10-year bonds, while it sold 10 billion forints worth of 5-year bonds as planned.
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Adam Jones | Digital Vision | Getty Images Budapest, Hungary |
The auction yield jumped to 9.70 percent on the 10-year paper, from 8.78 percent at the last auction of this instrument four weeks ago.
A dealer said secondary market yields also hovered around 9.70 percent on Thursday.
The 5-year bonds were sold at an average yield of 9.63 percent, up from 8.72 percent two weeks ago.
The deputy chief executive of the debt agency told Reuters that the AKK decided to reject all bids at the 3-year auction because the range of yields offered was too wide.
News of Hungary's canceled bond auction came as Italy auctioned 7 billion euros ($9 billion) in 10-year bonds at a yield below 7 percent, a level considered important for nations to continue to finance themselves.
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Data is a real-time snapshot *Data is delayed at least 15 minutes
