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ÁKK sells 12-month bills as planned, raises sale of floaters at auction

Debt

The state debt management agency ÁKK sold the planned HUF 50 billion of twelve-month discount T-bills while raised the sale of five-year floating-rate bonds at auction on Thursday. Twelve-month yields fell further, and while the pace slowed, the auction yields dropped below 4% for the first time ever. The average price of floaters, in contrast, fell, in their first fall since last December. ÁKK sold the announced HUF 50 billion of the twelve-month bill bills, expiring on April 30, 2014, after subscription fell from two weeks earlier to HUF 90.0 billion. ÁKK raised its sales by HUF 5 billion to HUF 55 billion after receiving HUF 103.5 billion bids at the previous auction on April 25. The average 12-month auction yield fell 6bp from the previous auction, to 3.96%, and was also under Wednesday's respective 3.99% benchmark. The debt manager sold HUF 10 billion of the 2019/B floating-rate bond on Thursday instead of the announced HUF 7 billion after receiving bids for HUF 19.7 billion. At the previous floater auction on April 11, it sold HUF 12 billion against the announced HUF 8 billion after receiving bids for HUF 33.7 billion. The average price of the floaters fell to 96.27% from 96.31% at the previous auction four weeks earlier.

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