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Despite strong demand, ÁKK cuts 3-month T-bill offer

The Government Debt Management Agency (ÁKK) sold HUF 32.0 billion of discount three-month T-bills at auction on Tuesday, cutting its original offer by HUF 18.0 bln despite strong demand from primary dealers.   

Bids for the securities came to HUF 181.4 bln, state news wire MTI reported.

The average yield was -0.03%, 3 basis points under the secondary market benchmark, but 3 bps over the yield at the previous auction of the bills one week earlier.