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ÁKK 12-month T-bill sale falls short of plan

The Government Debt Management Agency (ÁKK) sold HUF 10 billion of discount 12-month T-bills on Thursday, HUF 5 bln less than planned, after bids barely exceeded the original offer.

Primary dealers bid for HUF 15.03 bln of the papers expiring on August 26, 2020, state news wire MTI reported.

The average yield was 0.05%, 2 basis points over the secondary market benchmark and 1 bp higher than the yield at the previous auction of the bills two weeks earlier.

The average 12-month auction yield rose for the first time since June 27, when it reached 0.24%.

The ÁKK auctions 12-month bills bi-weekly. It offers the bills together with floating-rate bonds at every third auction.