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ÁKK raises offer on strong demand at twelve-month T-bill auction

The Government Debt Management Agency (ÁKK) raised its offer for a twelve-month discount T-bill on strong demand at an auction on Thursday. AKK sold HUF 60 billion of the bills, HUF 10 billion more than planned. Primary dealers bid to buy almost HUF 125 billion of the bills. Average yield at the auction was 5.33%, 5bp under the secondary market benchmark, but 3bp over the yield at the previous auction of the bills two weeks earlier. Yields ranged between 5.29% and 5.37%. AKK also sold HUF 7.0 billion of a floating-rate bond at auction on Thursday, in line with the announced amount. Primary dealers bid to buy HUF 18.8 billion of the paper. AKK sold an additional HUF 1.5 billion of the bond at a non-competitive tender after the auction.