ÁKK sells HUF 20 bln of two-month bills at ʼliquidityʼ auction as planned
The Government Debt Management Agency (ÁKK) sold HUF 20 bln of discount two-month T-bills at a liquidity auction on Monday, in line with the original offer, Hungarian news agency MTI reported.
Primary dealers bid for 55.47 bln of the papers.
Average yield was 1.08%, 27bp over the three-month secondary benchmark.
The liquidity discount T-bills are designed to manage the central governmentʼs short-term liquidity needs, and, accordingly, are auctioned on a case-by-case basis.
The bills expire on December 30, after the big year-end tax payment deadlines but before year-end thus providing liquidity without raising year-end government debt.
ÁKK tends to keep year-end issues low and repayments high to keep the year-end gross state debt ratio on a falling trend.
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