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ÁKK sells planned HUF 20 bln of three-month T-bills, yield drops

Debt

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The Government Debt Management Agency (ÁKK) sold HUF 20 bln of discount three-month T-bills at auction today, in line with the original offer, Hungarian news agency MTI reported.

Primary dealers bid for HUF 52.6 bln of the papers. 

Average yield was 0.42%, 5 bps under the secondary market benchmark and 6bp lower than the yield at the previous auction of the bills one week earlier.

ÁKK reduced its usual offer at the weekly three-month T-bill auction from HUF 40 bln to HUF 30 bln on July 26, and then to HUF 20 bln on August 2. ÁKK has shifted from net issues to net redemptions of the bills, in line with its three-month issue plans.

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