ÁKK sells HUF 44.5 bln of one-month bills at ‘liquidity’ auction, more than planned
The Government Debt Management Agency (ÁKK) sold HUF 44.5 billion of discount one-month T-bills at a liquidity auction today, HUF 4.5 bln more than the original offer, Hungarian news agency MTI.
Primary dealers bid for HUF 71.05 bln of the papers.
Average yield was 1.00%, 20 bps over the three-month 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.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.