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

January 22, 2014

Hungary's state debt manager AKK sold HUF 70bn ( EUR 231mn ) of three-month discount Treasury bills at an auction on January 21 , raising the initial offer by HUF 1bn on strong demand, AKK said. Investors submitted bids worth HUF 136bn providing a relatively healthy coverage ratio over the original supply. Demand rose only marginally from the previous auction held a week earlier, when AKK also raised the float by HUF 15bn to HUF 65bn. The average yield at the latest auction reached 2.80%, down by 7bps from the previous tender but 12bps over the secondary benchmark fixing. The range of yields narrowed and varied between 2.75% and 2.82%.

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Source: IntelliNews - Weekly Reports

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