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ÁKK cuts offers on low demand at securities auctions

Debt

The Government Debt Management Agency (ÁKK) sold a combined HUF 16.5 bln of securities at auction today, lowering its original offers by HUF 11.5 bln on low demand, Hungarian news agency MTI reported.

ÁKK sold HUF 12.5 bln of discount twelve-month T-bills, HUF 7.5 bln under the plan. Primary dealers bid for just HUF 16.9 bln of the papers.

Average yield was 1.06%, 4bp under the secondary market benchmark, but 7bp over the yield at the previous auction of the bills two weeks earlier.

ÁKK sold HUF 4 bln of three-year floating-rate bonds, half of the original offer. Bids reached HUF 13.3 bln.

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