Hungary debt manager cuts offer of three-month discount bills on low demand.

By bne IntelliNews November 21, 2012
Hungary's state debt manager AKK sold HUF 45bn (EUR 159.7mn) of three-month discount treasury bills at an auction on November 20, cutting the initial offer by HUF 5bn due to weak demand, AKK said. Investors submitted bids worth HUF 67.4bn, well below the HUF 92.3bn offered at the previous auction a week ago. The issue produced an average yield of 6.06%, unchanged from the yields achieved at the previous two tenders but 8bps over the secondary benchmark fixing yield. The range of the accepted yields varied from 6.00% to 6.10%.

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