ÁKK sells HUF 44.5 bln of one-month bills at ‘liquidity’ auction, more than planned

Telco

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.

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