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ÁKK cuts offer at three-month T-bill auction

Hungary’s Government Debt Management Agency (ÁKK) sold HUF 23 billion of discount three-month T-bills at auction today, cutting its original offer by HUF 7 bln on weak demand, Hungarian news agency MTI reported.

Primary dealers bid for just HUF 38.9 bln of the securities. 

The average yield was 0.15%, 9 bps over the secondary market benchmark but level with the yield at the previous auction of the bills one week earlier.