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

February 12, 2014

Hungary's state debt manager AKK sold HUF 90bn (EUR 290.5mn) of three-month discount Treasury bills at an auction on February 11, raising the initial offer by HUF 30bn on strong demand, AKK said.

Investors submitted bids worth HUF 184.4bn, which corresponded to a strong 3.7 coverage ratio over the original supply. Demand increased from HUF 170.1bn at the previous auction held a week earlier, when AKK also raised the float by HUF 20bn and sold HUF 80bn.

The average yield at the latest auction stood at 3.07%, down by 8bps from the previous auction but 7bps over the secondary benchmark fixing. The range of yields narrowed and varied between 2.99% and 3.08%.

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Source: IntelliNews - Weekly Reports

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