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AKK sells announced amount of three-month T-bills

AKK sold HUF 50 billion of three-month discount T-bills, the planned amount, at an auction on Tuesday. Demand fell but was still over double of the offer; yields dropped slightly from the previous auction one week earlier.

Bids for the bills, expiring on July 13, came to HUF 103.9 billion, down from HUF 139.9 billion at the previous auction, and the lowest since the March 1 auction.

Average yield was 5.94%, 9bp over the secondary market benchmark, which has a term two weeks longer than the bills sold at the auction. The yield was 1bp under the yield at the previous auction of the bills one week earlier.

The range of yields widened to between 5.85% and 5.95% from between 5.90% and 5.97% one week earlier.