ÁKK sees unusually poor demand for T-bills
The Government Debt Management Agency (ÁKK) refused all bids for 12-month discount T-bills and sold half of the planned volume of five-year floaters on poor demand at today's government securities auctions – a highly unusual occurrence.
ÁKK cancelled the sale of 12-month discount T-bills after it received just HUF 15.1 bln bids for the HUF 40 bln bills on offer. It sold HUF 7.5 bln of five-year floaters, as bids, at HUF 13.7 bln, were also under the HUF 15 bln offer.
According to portfolio.hu: "The last time we saw such a failure at a T-bill auction was in the wake of the announcement of the early FX mortgage repayment programme in late 2011 when HUF assets were under extreme pressure."
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.