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 high although fell from the exceptional levels two weeks earlier and yields rose.
ÁKK sold the announced HUF 50 billion of the bills expiring on March 7, 2012 after receiving bids for HUF 117.3 billion. Demand fell from HUF 188.7 billion -- a 18-month peak -- at the previous auction on March 3, when ÁKK raised its sales by HUF 10 billion to HUF 60 billion.
Average yield at the auction was 5.97%, up 7 bp from Wednesday's secondary market benchmark, calculated from the same bill series, and up 4 bp from the average auction yield of the bills two weeks earlier. The range of accepted yields slightly widened to 5.90%-5.99% from the 5.90% and 5.96% 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.