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Six-week T-bill auction unsuccessful

The Government Debt Management Agency (ÁKK) accepted no offers at an auction of six-week "liquidity" T-bills at an auction on Monday.

ÁKK offered HUF 50bn of the bills, but primary dealers bid for just HUF 35.7bn.

The discount T-bills on offer will expire on December 28.

ÁKK held a successful liquidity bill auction one week earlier where it received HUF 80.2bn bids for the announced HUF 50bn bills and sold them at an average yield of 6.07%.

This week ÁKK will offer HUF 40bn of three-month discount T-bills expiring on February 22 on Tuesday and will auction HUF 15bn of 2014/D bonds three-year bonds, HUF 15bn of 2017/A bonds, its five-year benchmark, and HUF 8bn of 2011/A ten-year bonds on Thursday.

The three-month offer is unchanged from a week earlier, when ÁKK received HUF 116.2bn bids and sold the bills at an average yield of 6.23%. But the debt manager cut back this week’s offer of three-year bonds by HUF 5bn from a hardly oversubscribed HUF 20bn at the previous auction of the same bonds on November 3.