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ÁKK cuts offers at securities auctions on low demand, higher yields

Debt

The Government Debt Management Centre (ÁKK) sold a combined HUF 12 bln of securities at auction on Thursday, cutting its original offer by more than half on low demand and rising yields.

ÁKK sold HUF 7.0 bln of discount twelve-month T-bills, HUF 13 bln under the plan.

Primary dealers bid for just HUF 11.2 bln of the papers. Average yield was 0.85%, 5 bps over the secondary market benchmark and 17 bps higher than the yield at the previous auction of the bills two weeks earlier.

ÁKK sold HUF 5 bln of three-year floating-rate bonds, HUF 5 bln less than planned. Dealersʼ bids came to just HUF 11.7 bln.

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