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AKK cuts offer of twelve-month T-bills at auction

Debt

The Government Debt Management Agency (ÁKK) sold HUF 17.5 billion in discount twelve-month T-bills at an auction today, well under its original offer of HUF 30 bln following weak demand, Hungarian news agency MTI reported.

Primary dealers bid for just HUF 24.7 bln of the papers.

Average yield was 1.03%, 11 bp over the secondary market benchmark and 4 bp higher than the yield at the previous auction of the bills two weeks earlier, according to MTI.

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