ÁKK sells HUF 41 bln of securities, under plan

Debt

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The Government Debt Management Agency (ÁKK) sold a combined HUF 41 billion of securities at auction on Thursday, lowering its original offer by HUF 7 bln on limited demand for 12-month discount T-bills, but raising the sale of five-year floaters by HUF 1 bln.

The ÁKK sold HUF 33 bln of the 12-month T-bills maturing on November 21, 2018, after demand was level with the HUF 40 bln offer. The average yield was 0.05%, 4 basis points over the secondary market benchmark, calculated on a bill expiring on September 26 next year, and 2 bps higher than the yield at the previous auction of the bills two weeks earlier.

The ÁKK also sold HUF 8 bln of five-year floating-rate bonds, HUF 1 bln more than planned. Dealersʼ bids came to HUF 13.6 bln.

Demand for 12-month discount T-bills remained weak after an undersubscribed auction two weeks earlier. Demand was similar for the floaters at the previous auction, when ÁKK sold just the planned volume.

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