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Yields down at liquidity T-bill auction

Hungary's Government Debt Management Agency (AKK) sold the announced amount of six-week "liquidity" T-bills as subscription remained little more than one-and-half times of the offer at an auction on Monday. Yields edged down.

AKK sold HUF 50 billion of the bills expiring on April 25, the announced amount. Primary dealers bid for HUF 79.0 billion, practically unchanged from HUF 80.2 billion at the previous liquidity auction on February 20.

Average yield was 7.11%, 3bp under the yield at the previous auction of liquidity bills two weeks earlier and 2bp lower than Friday's three-month secondary market benchmark yield, calculated on a bill series expiring on June 27. The range of accepted yields widened to between 6.99% and 7.18%.

AKK auctions these shortest-term bills on a case by case basis, depending on the liquidity requirements of the central government.