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AKK sells announced volume of three-month T-bills despite strong demand

The Government Debt Management Agency (AKK) sold the originally announced HUF 50 billion three-month discount T-bills despite strong demand at an auction on Tuesday.

AKK sold HUF 50 billion of the bonds, the original offer against bids for HUF 197.8 billion. Average yield was 8.96%, 6bp over Monday's secondary market benchmark yield and 10bp lower than the yield at the previous auction of the bills one week earlier. Yields varied between 8.85% and 8.99%. Demand for the short-term T-bills rose since the end of June when AKK raised its offer from HUF 40 billion to HUF 50 billion at the weekly auctions. Subscription well exceeded HUF 200 billion at the previous two auctions where AKK raised its sales to HUF 67 billion per auction. The average three-month yield fell 36bp between June 30 and Tuesday's auction. (MTI-Econews)