AKK raises offer on strong demand at three-month T-bill auction

Debt

The Government Debt Management Agency (AKK) raised its offer for discount three-month T-bills on strong demand at an auction on Tuesday. Yields rose.

AKK sold HUF 60 billion of the bills, HUF 10 billion more than planned. Primary dealers submitted bids for HUF 127.2 billion. Demand was the highest since the middle of February.

One week earlier AKK raised the sale by HUF 5 billion to HUF 55 billion after receiving bids for HUF 89.9 billion.

Average yield at the auction was 7.26%, 10bp over the secondary market benchmark, calculated on the same bill series expiring on June 27, and 1bp over the yield at the previous auction of the bills one week earlier. Yields ranged between 7.22% and 7.28% as against a range of 7.18%-7.29% one week earlier.

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