ÁKK raises offer at three-month T-bill auction

Debt

The Government Debt Management Agency (ÁKK) raised its offer on strong demand at an auction of discount three-month T-bills today, Hungarian news agency MTI reported.

ÁKK sold HUF 45 bln of the bills expiring on November 5, raising its original offer by HUF 5 bln after primary dealers submitted bids for HUF 186.2 bln.

The debt manager sold the originally offered HUF 40 bln at the previous auction on July 22 after receiving bids for HUF 164.7 bln.

Average yield fell to 1.69%, a new all-time low. It was 12bp under Tuesday's secondary market benchmark, calculated on a bill series expiring two weeks later, and was 10bp lower than the yield at the previous auction of the bills one week earlier. Yields ranged between 1.63% and 1.72%.

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