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

February 5, 2014

Hungary's state debt manager AKK sold HUF 80bn ( EUR 257.8mn ) of three-month discount Treasury bills at an auction on February 5 , raising the initial offer by HUF 20bn on strong demand, AKK said. Investors submitted bids worth HUF 170.1bn, which corresponded to a relatively healthy coverage ratio over the original offer. Demand surged from HUF 73.5bn at the previous auction held on January 28 , when AKK floated the announced volume of HUF 60bn. The average yield at the latest auction stood at 3.15%, up by 33bps from the previous auction but 11bps under the secondary benchmark fixing. The range of yields widened and varied between 2.89% and 3.23%.

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Source: IntelliNews - Weekly Reports

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