Hungary’s government debt management agency ÁKK raised its offers for twelve-month discount T-bills on more than threefold oversubscription at an auction on Thursday. Yields fell.
ÁKK sold HUF 60 billion of the T-bills expiring on May 2, 2012, raising its original offer by HUF 10 billion after primary dealers submitted bids for HUF 167.6 billion. Bids rose from HUF 148.9 billion at the previous auction on May 26 where ÁKK also raised sales by HUF 10 billion to HUF 60 billion.
Average yield was 5.90%, 5 bp under Wednesday's respective secondary market benchmark, calculated on the same series, and 3bp lower than the yield at the previous auction of the bills two weeks earlier. Yields ranged between 5.87% and 5.91%, dropping from 5.90% and 5.94% two weeks earlier.