Hungary's Government Debt Management Agency (ÁKK) sold the announced HUF 50 billion twelve-month discount T-bills at an auction on Thursday. Demand remained but yields were up from two weeks earlier and from the respective Wednesday benchmark.
ÁKK sold the announced HUF 50 billion of the bills expiring on March 7, 2012 after receiving bids for HUF 120.5 billion. Demand was hardly changed from HUF 121.4 billion at the previous auction on March 31, when ÁKK sold the announced HUF 50 billion bills.
Average yield at the auction was 5.98%, up 5 bp from Wednesday's secondary market benchmark, calculated from the same bill series, and up 2 bp from the average auction yield of the bills two weeks earlier. The range of accepted yields widened to 5.90%-5.99% from the 5.92% and 5.98% range at the previous auction.
ÁKK returned to the previous HUF 50 billion per auction offer in January after offering HUF 40 billion bills of the twelve-month bills at auctions between November 25 and December 23.
ÁKK auctions twelve-month bills bi-weekly on Thursday.