Are you sure?

ÁKK cuts T-bill sales at last auction of 2018

The Government Debt Management Agency (ÁKK) sold a combined HUF 72 billion of three and 12-month discount T-bills at its last auction of the year on Thursday, December 27, some HUF 18 bln less than planned.

The ÁKK cut its original offer on both terms amid oversubscription, but the three-month yield still rose from the previous auction.

The ÁKK sold HUF 37 bln of three-month discount T-bills, reducing its original offer by HUF 13 bln. Primary dealers bid for HUF 61.9 bln of the papers. The average three-month yield came to 0.03%, up 6 basis points from the previous auction on December 11, and up 3 bps from the respective secondary market benchmark. The three-month average auction yield rose into positive territory for the first time since the end of September.

The ÁKK also sold HUF 35 bln of discount 12-month T-bills, HUF 5 bln less than the original offer. Primary dealers bid for HUF 74.9 bln of the papers. The average yield was 0.36%, the same as the secondary market benchmark the preceding Friday, and 5 bps lower than the yield at the previous auction of the bills two weeks earlier.