12-month T-bills move slowly; floaters sell well
The Government Debt Management Centre (ÁKK) cut its offer of discount twelve-month T-bills but sold more floating-rate bonds than planned at auctions on Thursday. ÁKK sold HUF 33 bln of the twelve-month bills, cutting its original offer by HUF 7 bln after primary dealers bid for just HUF 35.6 bln of the papers.
Average yield was 1.63%, 5bp over the secondary market benchmark but level with the yield at the previous auction of the bills two weeks earlier. Yields ranged between 1.59% and 1.67%. ÁKK sold HUF 30 bln of the floating-rate bonds, raising its original offer by HUF 10 bln after dealers bid for HUF 85.2 bln. ÁKK sold a further HUF 8.5 bln of the floaters at a non-competitive tender following the auction.
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