Hungary sold 15 billion forint ($62 million) in government bonds, 18 billion forint less than planned, at an auction today as borrowing costs rose and the state rejected all bids for three-year notes.

The Debt Management Agency, known as AKK, sold 10 billion forint in 2017 securities at 9.63 percent from 8.72 percent on Dec. 15, according to auction results published on Bloomberg. The agency raised 5 billion forint in 2022 notes at 9.70 percent from 8.78 percent on Dec. 1 when that maturity was last sold.

Investors bid for a total 45 billion forint in debt at today’s auction.