Hungarys debt manager raises offer of 12-month bills on high demand.

By bne IntelliNews September 28, 2012
Hungary's state debt manager AKK sold HUF 55bn (EUR 192.8mn) in 12-month treasury bills at an auction on September 27, raising the initial offer by HUF 10bn on strong demand, AKK informed. Investors bids totalled HUF 112.8bn ensuring more than a two-fold coverage. Demand remain high for the second consecutive tender, since offers amounted to HUF 110.5bn at the previous auction on September 13, when AKK also raised the float. The average yield at the latest auction stood at 6.53%, or 17bps below the yield at the previous tender, while matching the secondary benchmark fixing. The range of yields widened and varied between 6.48% and 6.57%.

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