12-month T-bill yields jump at auction; ÁKK cuts offer
The Government Debt Management Agency (ÁKK) cut its offer of discount 12-month T-bills at an auction on Thursday as yields climbed, according to a report by state news wire MTI.
ÁKK sold HUF 15 billion of the bills, reducing its original offer by HUF 5 bln. Primary dealers bid for HUF 22.9 bln of the securities. The average yield was 2.75%, 82 bp over the secondary market benchmark and 100 bp higher than the yield at the previous auction of the bills two weeks earlier.
The agency also sold HUF 15 bln of eight-year floating-rate bonds, in line with the plan. Offers for the bonds came to HUF 37.8 bln.
ÁKK sold a further HUF 0.7 bln of the floaters at a non-competitive tender after the auction.
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