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ÁKK cuts offer at 12-month T-bill auction but accepts all bids

The Government Debt Management Agency (ÁKK) cut its offer at an auction of twelve-month discount T-bills on Thursday but accepted all of the bids.

ÁKK sold HUF 23.0bn of the bills, accepting all bids. But the sale was well under the original HUF 40bn offer.

Average yield at the auction was 6.79%, 24bp over the secondary market benchmark. Yields ranged between 6.53% and 7.19%.

ÁKK made no sales at the previous twelve-month T-bill auction on October 27. ÁKK offered HUF 40bn of the bills, but primary dealers bid for just HUF 22.8bn.