Primary dealers bid for HUF 47.4 bln of the papers expiring on January 4, 2017.
The average yield was 0.45%, 2 bps under the secondary market benchmark, calculated on a bill expiring on December 28, and unchanged from the yield at the previous auction of the bills held one week earlier.
The debt manager cut back its auction offer for Tuesdayʼs auction after offering the standard HUF 40 bln at the previous two auctions and HUF 20 bln at the preceding six auctions. The reduced offer is probably due to the fact that the ÁKK was auctioning three-month bills expiring next year for the first time.
As the end of the year approaches, the ÁKK tends to limit issues that expire next year in order to keep year-end debt low.
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