ÁKK cuts 12-month bill auction sale, yields rise

Debt

The state debt management agency ÁKK sold less than planned twelve-month discount T-bills as oversubscription was moderate. Yields rose slightly, in the first rise of twelve-month auction yields since the middle of January. ÁKK sold HUF 45 billion of twelve-month bill bills expiring on April 30, 2014, HUF 5 billion less than planned after subscription fell further, to HUF 69.1 billion. ÁKK sold the announced HUF 50 billion bills after receiving HUF 90 billion bids at the previous auction on May 9. The average 12-month auction yield rose 4bp from the previous auction, to 4.00%, and was 5 bp over Wednesday's respective benchmark, calculated on the same bill series.

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