ÁKK sells announced volume of three-month T-bills, yields rise

Debt

The Government Debt Management Agency (ÁKK) sold the original offer on moderate demand at the weekly auction of three-month discount T-bills on Wednesday. Yields rose slightly from the previous auction and were up from the last secondary market benchmark published on December 28. ÁKK sold the planned HUF 50 billion of the bills expiring on April 10 after primary dealers submitted bids for HUF 81.7 billion. ÁKK cut its sales to HUF 34 billion from an original offer of HUF 50 billion at the last auction of 2012, held on December 27, after it received bids for only HUF 61.9 billion. Low oversubscription contrasted with record bids at the previous two auctions. Average yield at the auction was 5.49%, 2bp over the previous auction of the bills on December 27, and was up 16bp up from the secondary market benchmark calculated on a bill expiring one week later. Yields ranged between 5.36% and 5.54%.

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