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

Debt

The Government Debt Management Agency (ÁKK) sold the planned HUF 40 bln discount twelve-month T-bills at dropping yields at an auction today.

Bids from primary dealers totalled HUF 93.1 bln for the bills expiring on May 27, 2015, down from HUF 125.1 bln two weeks earlier when ÁKK offered and sold HUF 60 bln bills.

ÁKK cut its per auction offer to HUF 40 bln for the auction from HUF 60 bln it was offering between February 13 and June 19.

The average auction yield fell further, to 2.20% from 2.29% on June 19. The average yield was also under the latest, 2.22% twelve-month benchmark, calculated on the same bill series. Accepted auction yields varied between 2.18% and 2.22%.

Auction yields have dropped steadily after jumping to 3.51% at the January 30 auction.

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