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AKK cuts offer at first T-bill auction after IMF-EU suspend talks with gov't

The Government Debt Management Agency (AKK) cut its offer at an auction of discount three-month T-bills on Tuesday on low demand. The auction was the first of government securities to primary dealers since talks between the government and delegations from the IMF and EU on Hungary's financial add package were suspended at the weekend.

AKK sold HUF 35 billion of the bills, reducing its original offer by HUF 10 billion after primary dealers offered to buy just HUF 52.6 billion.

Average yield at the auction was 5.47%, 2bp over the secondary market benchmark on Monday, but 19bp over the yield at the previous auction of the bills one week earlier. Yields were in a wide range between 5.35% and 5.55%. (MTI-Econews)