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ÁKK sells HUF 14 bln of three-month bills at ʼliquidityʼ auction, less than planned

Telco

The Government Debt Management Agency (ÁKK) sold HUF 14 bln of discount three-month T-bills at a liquidity auction on Monday, under the HUF 20 bln plan, Hungarian news agency MTI reported.

Primary dealers bid for 24.63 bln of the papers.

Average yield was 0.74%, 32 bps under the secondary benchmark.

The liquidity discount T-bills are designed to manage the central governmentʼs short-term liquidity needs, and, accordingly, are auctioned on a case-by-case basis.

The bills expire on December 30, after the big year-end tax payment deadlines but before year-end thus providing liquidity without raising year-end government debt.

ÁKK tends to keep year-end issues low and repayments high to keep the year-end gross state debt ratio on a falling trend.

Before Monday ÁKK last held a liquidity bill auction on January 12.

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