ÁKK sells HUF 32 bln of six-week T-bills, below plan
The Government Debt Management Agency (ÁKK) sold HUF 32 billion of discount six-week T-bills at a liquidity auction on Monday, cutting its original offer by HUF 18 bln despite high demand.
Primary dealers bid for HUF 127.5 bln of the papers expiring on June 27. Even after the reduction of sales compared to the original plan, the average auction yield came to 0.05%, 2 basis points over Fridayʼs three-month secondary market benchmark, calculated on a bill expiring at the end of September, state news wire MTI reported.
The ÁKK last auctioned liquidity T-bills at the end of February, when it sold HUF 60 bln of the papers expiring in the middle of April at a zero average yield. In February, the debt manager raised sales by HUF 20 bln in response to high demand.
The liquidity discount T-bills are designed to manage the central governmentʼs short-term liquidity needs, and, accordingly, are auctioned on a case-by-case basis.
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