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Hungary cuts offer of twelve-month bills on weak demand, yields rise.

February 2, 2014

Hungary's state debt manager AKK sold HUF 35bn ( EUR 112mn ) in 12-month treasury bills at an auction on January 30 , cutting the initial offer by HUF 15bn on weak demand, AKK informed. Investors' bids totalled HUF 50.1bn, which was nearly four time lower than the bids at the previous tender held a couple of weeks earlier, when AKK placed HUF 75bn, raising the offer by HUF 25bn. The average yield at the latest auction reached 3.51%, sharply up by 67bps from the yield at the previous tender and 56bps over the secondary benchmark fixing. The range of yields widened and varied between 3.15% and 3.67%.

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Source: IntelliNews - Weekly Reports

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