ÁKK sells announced HUF 50bn liquidity bills at auction
The Government Debt Management Agency (ÁKK) sold the announced HUF 50bn of short-term "liquidity bills" at an auction on Monday as demand for the bills exceeded the offer by about 75%.
ÁKK reoffered HUF 50bn of a discount T-bill series expiring on December 21 at the auction, the first liquidity bill auction held since the beginning of June.
Demand for the liquidity bills -- the shortest-term bills, offered on a case by case basis, depending on the budget's liquidity needs -- totaled HUF 87.7bn. Oversubscription was the lowest since the HUF 69.4bn bids on a February 14 liquidity bill auction, but favorable considering moderate subscription at recent auctions.
Average yield at the auction was 6.03%, below the closest, three-month benchmark, calculated for bills expiring on March 7, 2012, that stood at 6.08% on Friday.
At the previous liquidity bill auction on June 6, bids totaled HUF 91.8bn, and ÁKK sold the announced HUF 50bn at an average yield of 5.95%.
The auction was the tenth liquidity bill auction since the start of this year.
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