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AKK cuts offer for twelve-month T-bills, sells announced amount of floaters

The Government Debt Management Agency (AKK) cut its offer of discount twelve-month T-bills but sold the announced amount of floating-rate bonds at an auction on Thursday.

AKK sold HUF 30bn of the twelve-month T-bills, cutting its original offer by HUF 10bn. Primary dealers submitted bids for HUF 77.4bn.

Average yield at the auction was 7.29%, 4bp under the secondary market benchmark but 22bp over the yield at the previous auction of the bills two weeks earlier. Yields ranged between 7.22% and 7.35%.

AKK sold HUF 5.0bn of the floaters, the announced amount. Offers came to HUF 16.7bn.