ÁKK cuts sale at three-month bill auction, yields rise

Debt

The Government Debt Management Agency (ÁKK) sold HUF 36 bln of discount three-month T-bills at auction on Tuesday, HUF 4 bln less than planned as demand remained subdued, Hungarian news agency MTI reported. Yields rose.

Primary dealers bid for HUF 54.3 bln of the papers expiring on June 15. The auction was the third one in a row with moderate oversubscription, and the second one where ÁKK cut its sales compared to plans. 

Average yield was 1.12%, 8 bps over the secondary market benchmark, calculated on a bil expiring one week earlier, and 6 bps over the yield at the previous auction.

Auction yields rose for the second auction. 

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