The Government Debt Management Agency (ÁKK) cut its offer on weak demand at an auction of discount three-month bills on Tuesday. ÁKK sold HUF 40 billion of the bills, reducing its original offer by HUF 10 billion after primary dealers bid for just HUF 56.1 billion. Average yield was 4.27%, 6bp over the secondary market benchmark, which matures about a month later, and 1bp higher than the yield at the previous auction of the bills one week earlier. Yields ranged between 4.19% and 4.30%.
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