ÁKK cuts three-month T-bill sale as demand falls


Demand fell sharply and the Government Debt Management Agency (ÁKK) sold HUF 27 billion three-month discount T-bills instead of the announced HUF 40 billion at the weekly auction of the bills on Tuesday. Yields rose from a week earlier.

Oversubscription was the lowest since the end of last November as market attention focused on a vote by the US senate to raise the country's debt ceiling.

The ÁKK sold HUF 27 billion of the bills expiring on November 9, cutting the announced amount from HUF 40 billion, after oversubscription fell dramatically, with bids for only HUF 46.7 billion.

At the previous auction on July 26 bids for the HUF 40 billion offer totaled HUF 125.8 billion.

The debt manager reduced its regular auction offer of the bills by HUF 10 billion from HUF 50 billion it had offered at the previous auction.

Average yield was 5.72%, 5 basis points over the yield at the previous auction of the bills a week earlier. The yield was 8bp lower than the secondary market benchmark yield calculated on a bill series which matures one week later than the bill offered.

Yields varied in an unusually wide range between 5.64% and 5.84% at the previous auction. All accepted yields were 5.67% at the previous auction.


EBRD Sees Hungary GDP Growth Slowing to 1.5% in 2023 Analysis

EBRD Sees Hungary GDP Growth Slowing to 1.5% in 2023

Horthy Statue to be Unveiled in Parliament Parliament

Horthy Statue to be Unveiled in Parliament

UPS Appoints Regional Director Appointments

UPS Appoints Regional Director

Completion of Metro Line M3 Renovation Delayed City

Completion of Metro Line M3 Renovation Delayed


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.