ÁKK sells planned twelve-month T-bills at dropping yield

Debt

Strong demand continued but the Government Debt Management Agency (ÁKK) sold the planned HUF 60 bln discount twelve-month T-bills as at an auction on Thursday. Yields fell further.

Bids from primary dealers totaled HUF 125.1 bln, practically unchanged from the previous auction on June 5.

It happened for the first time since the beginning of March that ÁKK did not raise the accepted volume. Demand has exceeded HUF 100 bln since March.

Average yield was 2.29%, 1 bp under the secondary market benchmark and 8 bp under the yield at the previous auction of the papers two weeks earlier. Yields ranged between 2.23% and 2.31%.

The auction yield fell more than usual since an almost steady drop after a jump to 3.15% early February, probably because of ÁKK sticking to the original offer.

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