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ÁKK sells planned volume of three-month bills on moderate demand

The Government Debt Management Agency (ÁKK) sold the planned HUF 40 bln of discount three-month T-bills at auction on Tuesday as oversubscription fell significantly from a week earlier.

Primary dealers bid for HUF 45.4 bln of the papers expiring on June 1. Demand fell from HUF 104.6 bln at the previous auction held on February 16.

Average yield was 1.06%, 11 bps over the secondary market benchmark, which matures one week later, but 1 bps under the yield at the previous auction of the securities one week earlier.