ÁKK sells HUF 75 bln of six-week T-bills, over plan

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The Government Debt Management Agency (ÁKK) sold HUF 75 billion of six-week discount "liquidity" T-bills at auction on Monday, raising its original offer by HUF 25 bln.

Primary dealers bid for HUF 112.7 bln of the papers, which expire on July 25. The average yield was 0.16%, unchanged from the previous liquidity bill auction held on May 18 and 1 basis point over the three-month secondary market benchmark, calculated on a bill expiring two months later.

The ÁKK held three liquidity auctions, including the current one, in May after a break of two and a half months. 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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