ÁKK sells HUF 25 bln of three-week bills at ʼliquidityʼ auction, less than planned
The Government Debt Management Agency (ÁKK) sold HUF 25 bln of discount three-week T-bills at a liquidity auction on today, HUF 15 bln under the original offer. Primary dealers bid for HUF 32 bln of the papers.
Average yield was 1.15%, 40 bp 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 the end of the calendar year, 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 declining trend, as required by law.
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