ÁKK cuts twelve-month T-bill offer on low demand

Debt

The Government Debt Management Agency (ÁKK) sold HUF 33.0 bln of discount twelve-month treasury bills at auction on Thursday, cutting its offer from an original HUF 40 bln on low demand, Hungarian news agency MTI reported today.

Primary dealers submitted bids for just HUF 43.3 bln of the papers.

Average yield was 1.88%, level with the secondary market benchmark but 11bp lower than the yield at the previous auction of the bills two weeks earlier. Yields ranged between 1.80% and 1.93%.

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