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Strong demand, no raised offer at ÁKK's auction

Demand was strong at an auction of three-month discount T-bills by the Government Debt Management Agency (ÁKK) on Tuesday, but AKK did not raise its offer.

ÁKK sold HUF 50 billion of the bills, the announced amount. Primary dealers submitted bids for HUF 169.0 billion.

Average yield was 5.92%, 7bp over the yield for the secondary market benchmark, which is about a month longer than the bill that was offered, but 1bp under the yield at the previous three-month T-bill auction one week earlier. Yields ranged between 5.90% and 5.93%.

The results of the auction were not published until around half past noon, local time, about an hour later than usual because of a technical glitch, ÁKK said.