Hungary raises offer of 12-month T-bills on healthy demand, yields drop.

By bne IntelliNews March 15, 2013
Hungary's state debt manager AKK sold HUF 55bn (EUR 180.2mn) in 12-month treasury bills at an auction on March 14, raising the initial offer by HUF 5bn on strong demand, AKK informed. Investors bids totalled HUF 128.4bn, which corresponded to a 2.6 coverage ratio over the initial supply. Demand eased from HUF 161.3bn at the previous tender held a couple of weeks ago, when AKK also raised the initial float by HUF 10bn. The average yield at the latest auction stood at 4.66%, down by 22bps from the yield at the previous tender and 7bps under the secondary benchmark fixing. The range of yields widened and varied between 4.55% and 4.72%.

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