AKK sells more-than-planned twelve-month T-bills, floaters at auction
The Government Debt Management Agency (AKK) raised the sale of discount twelve-month T-bills as high demand continued and also sold more than planned floating-rate bonds at an auction on Thursday.
AKK sold HUF 60 billion of the twelve-month T-bills, raising its original offer by HUF 15 billion. Primary dealers submitted bids for HUF 150 billion.
The pattern was similar at the previous twelve-month bill auction on August 16 when AKK also raised its sales by HUF 15 billion to HUF 60 billion on unusually high oversubscription of HUF 134 billion.
Average yield at the auction was 6.79%, 1bp under the secondary market benchmark and 15bp under the yield on August 16. Yields ranged between 6.71% and 6.82%.
AKK sold HUF 6.0 billion of the floaters, HUF 1bn more than the announced amount. Offers came to HUF 12.8 billion for the bonds expiring on December 22, 2015, down from HUF 19.5 billion at the previous auction held on August 2. The average price rose, to 96.86% from 96.69% four weeks earlier.
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