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ÁKK raises offer for floater; cuts sale of twelve-month bills

Debt

The Government Debt Management Agency (ÁKK) sold HUF 50 bln in securities at an auction on Thursday, as planned, selling less twelve-month discount T-bills but raising the sale of floaters which were nearly six times oversubscribed.

ÁKK raised the sale of three-year floating rate bonds by HUF 10 bln to HUF 30 bln after primary dealers bid for HUF 115.6 bln of the papers.

Demand rose further at the previous auction of three-year floaters on November 6, when ÁKK also raised its sales by HUF 10 bln to HUF 30 bln on nearly fourfold oversubscription.

The average price rose 6bp to 99.31% from four weeks earlier. The price of the three-month floaters has risen at the last five auctions held since the middle of September. 

The debt manager sold HUF 20 bln of discount twelve-month T-bills expiring on November 11, next year, cutting its original offer by HUF 10 bln. Bids came to HUF 46.7 bln, down from HUF 58.8 bln at the previous auction on November 20 when AKK sold the planned HUF 30 bln of the bills.

Average yield was 1.67%, level with the secondary market benchmark and 3bp lower than the yield at the previous auction of the bills two weeks earlier. Yields ranged between 1.65% and 1.68%.

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