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ÁKK sells HUF 34.5 bln of securities, below plan

The Government Debt Management Agency (ÁKK) sold a combined HUF 34.5 billion of securities at auction on Thursday, cutting its original offer by HUF 1.5 bln, state news wire MTI reported.

The ÁKK sold HUF 26 bln of 12-month discount T-bills expiring on July 31, 2019, HUF 4 bln less than the originally offered HUF 30 bln. Bids came to HUF 39.4 bln, and the average yield was 0.52%, 8 basis points over the secondary market benchmark, calculated on the same bill series, and unchanged from the average yield at the previous auction of the bills two weeks earlier. 

The ÁKK also sold HUF 8.5 bln of five-year floating-rate bonds, HUF 2.5 bln more than originally offered. Dealers bid for HUF 14.8 bln of the papers. The average price came to 97.51%, up from 97.49% two weeks earlier.