Just like two weeks ago, Hungary’s Government Debt Management Agency (ÁKK) has again failed to auction off the entire lot of its 12-month discount Treasury Bills today. Low demand was only one thing, the other was that the issuer raised the amount of the bills on offer.
The ÁKK has received HUF 40 bn worth of bids from primary dealers on a HUF 40 bn lot of 12-m bills today, and it has decided to allot only HUF 33 bn of the instrument. The auction was still a greater success than a fortnight ago when the allotment was only HUF 25 bn. The average yield was set to 0.05%, up two basis points compared to two weeks ago and 4bps higher than Wednesday’s secondary market benchmark fixing.
