Hungary’s Government Debt Management Agency (ÁKK) sold HUF 60 billion of twelve-month discount T-bills at slightly higher yields at an auction on Thursday, raising its sales as demand remained more than threefold. Auction yields rose slightly and were over the respective secondary market benchmark.
ÁKK offered HUF 50 billion of twelve-month bills expiring on May 2, 2012, but sold HUF 10 billion more after receiving for HUF 178.9 billion. Demand was high but still fell from HUF 203.0 billion bids — a more than one-and-half year peak — at the previous auction on April 28, when ÁKK also sold HUF 60 billion bills, HUF 10 billion more than it planned.
Average yield at the auction was 5.94%, 9bp over Wednesday’s secondary market benchmark, calculated on the same bill series, and up 1bp from the average auction yield of the bills two weeks earlier. The range of accepted yields widened to between 5.90% and 5.96% from 5.92%-5.94% at the previous auction.
ÁKK auctions twelve-month bills bi-weekly on Thursday, and it also offers a floating-rate bond parallel with the twelve-month bills at every second auction.
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