Hungary raises offer of twelve-month bills on high demand, yields down.

By bne IntelliNews February 15, 2013
Hungary's state debt manager AKK sold HUF 75bn (EUR 256.5mn) in 12-month treasury bills at an auction on February 14, raising the initial offer by HUF 25bn on strong demand, AKK informed. Investors bids totalled HUF 183bn, which corresponded to a 3.7 coverage ratio. Demand rose from HUF 143.7bn at the previous tender held a couple of weeks ago, when AKK also raised the initial float by HUF 15bn. The average yield at the latest auction reached 5.13%, or by 10bps below the yield at the previous tender and 3bps under the secondary benchmark fixing. The range of yields narrowed and varied between 5.10% and 5.14%.

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