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ÁKK raises auction offer of three-month bills for next Tuesday

Hungary's Government Debt Management Agency (ÁKK) raised its offer by HUF 5 billion to HUF 50 billion three-month discount T-bills for the next auction of the bills to be held on February 22, the auction announcement on ÁKK's website shows.

ÁKK raised its auction offer from a previous HUF 40 billion to HUF 45 billion in the middle of January.

ÁKK raised the announced volume after demand more than doubled, and reached a one-year peak at HUF 173 billion at the last auction held on February 17. ÁKK sold HUF 60 billion bill instead of the announced HUF 45 billion at an average yield of 5.94% on Tuesday. The average yield slipped from the previous auction but rose from Tuesday's benchmark.

ÁKK's March-May issue plan includes the auction of HUF 700 billion three-month discount T-bills at the 13 auctions to be held in the period. The average per-auction offer exceeds HUF 50 billion.