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ÁKK raises three-month T-bill sale, yields flat

Debt

The Government Debt Management Agency (ÁKK) sold HUF 60 bln of discount three-month T-bills, HUF 10 bln more than the original offer, at auction on Tuesday. Yields remained unchanged, Hungarian news agency MTI reported.

Primary dealers bid for HUF 86.1 bln of the papers.

Sales rose from the previous auction on September 9 when ÁKK sold the announced HUF 50 bln papers after receiving bids for HUF 62.0 bln.

This was the first three-month bill auction since the heavily oversubscribed August 26 one that ÁKK raised its original offer.

Average yield was 1.38%, the same as the secondary market benchmark, calculated on a bill expiring four weeks later, and unchanged from the yield at the previous auction of the bills one week earlier. Yields ranged between 1.34% and 1.40%.

The average auction yield remained unchanged three weeks earlier before continuing its almost uninterrupted drop seen since the middle of February.

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