Hungary raises offer of three-month bills on strong demand.

By bne IntelliNews September 11, 2013

Hungary's state debt manager AKK sold HUF 65bn (EUR 216.8mn) of three-month discount Treasury bills at an auction on September 10, raising the initial offer by HUF 15bn, AKK said.

Investors submitted bids worth HUF 154bn providing a healthy coverage ratio over the original supply. Demand nearly doubled from HUF 77.4bn at the previous auction held a week earlier, when AKK sold the announced volume of HUF 50bn.

The average yield at the latest auction reached 3.71%, down by 4bps from the previous tender but inline with the secondary benchmark fixing. The range of yields narrowed and varied between 3.68% and 3.73%.

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