ÁKK sells HUF 70 bln of 'liquidity' bills on large demand at auction
The Government Debt Management Centre (ÁKK) sold HUF 70bn of discount "liquidity" bills expiring in the middle of March at an auction today. ÁKK sold HUF 10 bln more of the papers than the original offer of HUF 60 bln after primary dealers bid for HUF 135.5 bln.
Average yield was 1.941%. Yields ranged between 1.75% and 1.98%.
The three-month secondary market benchmark was 1.43% at the last yield calculation December 30.
The (usually) six-week liquidity T-bills are designed to manage the central government's short-term liquidity needs, and, accordingly, are auctioned on a case-by-case basis.
The auction and the offer, above the typical HUF 50 bln, indicate that ÁKK is refilling the deposits on the State Treasury's unified account Kesz after it limited issues in the last months of the year to ensure the reduction of state debt.
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