AKK raises offer, yields under benchmark at three-month T-bill auction
The Government Debt Management Agency (AKK) raised its offer at an auction of discount three-month T-bills on Tuesday.
Auction demand dropped from a week earlier but was still nearly double the offer. The average yield was down from the respective secondary market benchmark, and was unchanged now for the fourth auction in a row.
AKK sold HUF 55 billion of the bills, expiring on July 18, raising its original offer by HUF 5 billion after primary dealers bid for HUF 92.3 billion. Demand fell from HUF 114.8 billion on April 3 when AKK also raised its sale to HUF 55 billion.
Average yield was 7.26%, 9bp under the secondary market benchmark, calculated on a bill expiring on August 22, and level with the yield at the previous auction of the bills one week earlier.
Yields ranged between 7.20% and 7.30%.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
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.