ÁKK auction of three-month T-bills 50% over plan

The Government Debt Management Agency (ÁKK) sold HUF 75 billion of discount three-month T-bills at auction on Tuesday, increasing its already raised original offer by HUF 25 bln on strong demand from primary dealers.

Bids for the papers, expiring on July 25, came to HUF 138.2 bln. The average yield was 0.02%, 2 basis points over the secondary market benchmark, while unchanged from the yield at the previous auction of the bills one week earlier.

The ÁKK has raised its offer per auction to HUF 50 bln, up from the HUF 40 bln it had been offering from the end of last October until the previous auction. The latest offer was the largest at a three-month auction in three years.

Auction demand for the three-month bills was the highest since April 2016.

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