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2-month T-bills undersubscribed, floaters sold as planned at auction

Debt

Hungary's Government Debt Management Agency (ÁKK) sold just HUF 26.4bn twelve-month discount T-bills at rising yields, cutting its offer on undersubscription, while it sold the announced HUF 5bn of five-year floating rate bonds at auctions on Thursday.

Demand for the twelve-month T-bills, expiring on August 22, 2012, totaled HUF 30.1bn, falling short of the HUF 40bn offer. ÁKK cut the announced volume of 12-month discount T-bills to HUF 40bn at the current auction after stably offering HUF 50bn at this year's previous 12-month bill auctions.

The average yield rose 13 basis points from the previous auction on September 15 and rose 10bp from Wednesday's secondary market benchmark.

Demand for the HUF 5bn five-year floaters on offer totaled HUF 12.7bn, down from HUF 16.4bn at the previous auction of the bonds on September 1 when ÁKK raised its sales to HUF 7.5bn. The average price fell to 96.60pc of nominal value from 96.68pc at the September 1 auction.

ÁKK raised the per-auction offer of the floating-rate bonds from HUF 5bn previously in the light of healthy oversubscription for the bonds, offered four-weekly.

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