AKK raises sale on large demand at liquidity T-bill auction
The Government Debt Management Agency (AKK) raised sales on three-fold subscription at an auction of short-term "liquidity" T-bills on Monday.
AKK sold HUF 60 billion of the bills expiring on February 27, raising its sale from a planned HUF 50 billion after primary dealers submitted bids for HUF 148.6 billion.
Large demand contrasted with the previous liquidity bill auction held on November 12 when AKK sold HUF 25 billion instead of the announced HUF 50 billion after receiving bids for only HUF 36.9 billion.
Average yield was 5.66%, down from 6.21% at the November auction of the bills, reflecting mostly the yield fall in the past two months. The closest, 3-month benchmark calculated on bills expiring on April 17, was 5.36% on Friday. Auction yields ranged between 5.24% and 5.33%.
AKK auctions liquidity bills – the shortest-term discount T-bills – on a case-by-case basis, depending on the State Treasury's liquidity needs.
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