ÁKK sells HUF 17 bln of three-month bills, again under plan

Debt

 The Government Debt Mangement Agency (ÁKK) sold HUF 17 bln of discount three-month T-bills at auction on Tuesday, cutting its original offer by HUF 3 bln on weak demand. Yields rose.

Primary dealers bid for just HUF 26.1 bln of the papers.

This was the second auction of three-month bills in a row where bids only slightly exceeded the offer, prompting the debt manager to sell fewer papers than planned.

Average yield was 0.54%, 4 bps over the secondary market benchmark and 11 bps over the yield at the previous auction of the bills one week earlier. Yields varied between 0.44% and 0.58%.

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