AKK sells announced HUF 50 bln twelve-month T-bills

Debt

Hungary's Government Debt Management Agency (AKK) sold the announced HUF 50 billion twelve-month discount T-bills at an auction on Thursday as oversubscription dropped from two weeks earlier.

Yields declined from the previous auction but were over the respective secondary market benchmark.

AKK sold HUF 50 billion of the bills expiring on December 27, the announced volume. It raised the announced amount to HUF 50 billion for the current auction from HUF 45 billion it auctioned so far this year.

Offers by primary dealers came to HUF 78.8 billion, down from HUF 98.5 billion for the HUF 45 billion on offer at the previous auction on February 2. That auction saw the biggest demand for twelve-month bills since the middle of September.

Average yield was 7.69%, 19bp over the secondary market benchmark on Monday and 16bp lower than the yield at the previous auction two weeks earlier.

Yields ranged between 7.59% and 7.76%, down from a range of 7.77%-7.89% on February 2.

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