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AKK raises sale, yields rise slightly at twelve-month T-bill auction

Debt

The Government Debt Management Agency (AKK) raised its offer for discount twelve-month T-bills as demand was more than two-fold at an auction on Thursday. Yields rose slightly.

AKK sold HUF 55 billion of the bills, raising its original offer by HUF 10 billion. Subscription totaled HUF 107.1 billion, dropped from HUF 133.3 billion bids at the previous auction held on March 1.

At the previous auction, AKK sold HUF 60 billion of the bills, raising its original offer by HUF 15 billion on the strong demand.

Average yield at the auction was 7.47%, 2bp over the secondary market benchmark and 1bp higher than the yield at the previous auction of the bills two weeks earlier. Yields ranged between 7.40% and 7.50%.

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