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ÁKK sells T-bills as planned; ING biggest buyer in H1

The Government Debt Management Agency (ÁKK) sold HUF 20.0 billion of discount three-month T-bills at auction on Tuesday, in line with the original offer, state news wire MTI reported.

Primary dealers bid for HUF 67.3 bln of the securities that expire on October 9.  The average yield was 0.02%, 19 basis points under the secondary market benchmark, calculated for a bill expiring six weeks later, and 2 bps lower than the yield at the previous auction of the bills one week earlier.

In related news Tuesday, ING Bank N.V. was revealed as the biggest buyer at government securities auctions in the first half of 2019, at both forint bond auctions and discount T-bill auctions, rankings published on the ÁKK website show. The agency publishes the rankings without revealing individual market shares.

Citibank Europe came second and Erste Investment third among primary bond market buyers, while CIB Bank was second and K&H Bank third in the primary market for discount T-bills in H1 2019.

There are 14 primary dealers at present, including six foreign-registered institutions. MTI noted.