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ÁKK cuts twelve-month T-bill offer on low demand

The Government Debt Management Agency (ÁKK) cut its offer of twelve-month discount T-bills on low demand at an auction on Thursday.

ÁKK sold HUF 30bn of the bills, reducing its original offer by HUF 40bn after primary dealers submitted bid of just HUF 50.2bn.

Average yield was 6.22%, 17bp over the secondary market benchmark and 15bp higher than the yield at the previous auction of the bills two weeks earlier. Yields ranged between 6.10% and 6.28%.