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Twelve-month auction undersubscribed, floater sale exceeds plan

Debt

The Government Debt Management Agency (ÁKK) sold a combined HUF 22 bln of securities at auction on Thursday, HUF 8 bln less than planned as demand for twelve-month discount T-bills was well below the offer.

ÁKK sold HUF 10 bln of discount twelve-month T-bills, just half of the original offer as primary dealers bid for HUF 13 bln of the papers.

Average yield rose to 0.68%, exceeding the latest secondary market benchmark by 6 basis points and rising 17 bps from the average yield at the previous auction of the bills two weeks earlier.

ÁKK sold HUF 12 bln of five-year floating-rate bonds, raising its original offer by HUF 2 bln on bids of HUF 27.4 bln. Average price of the floaters was 99.11%, up 0.24 percentage points from the previous auction of the bonds held four weeks earlier.

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