ÁKK sees unusually poor demand for T-bills

Telco

The Government Debt Management Agency (ÁKK) refused all bids for 12-month discount T-bills and sold half of the planned volume of five-year floaters on poor demand at today's government securities auctions – a highly unusual occurrence.

ÁKK cancelled the sale of 12-month discount T-bills after it received just HUF 15.1 bln bids for the HUF 40 bln bills on offer. It sold HUF 7.5 bln of five-year floaters, as bids, at HUF 13.7 bln, were also under the HUF 15 bln offer.

According to portfolio.hu: "The last time we saw such a failure at a T-bill auction was in the wake of the announcement of the early FX mortgage repayment programme in late 2011 when HUF assets were under extreme pressure."

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