Demand fell to little more than twofold but yields still dropped at an auction of three-month discount T-bills by Hungary’s government debt management agency ÁKK on Tuesday.
The ÁKK sold HUF 50 billion of the bills expiring on October 19, 2011, the announced amount. Primary dealers submitted bids for HUF 101.4 billion, down from HUF 138.5 billion at the previous auction on July 5.
Average yield was 5.75%, 5bp under the Monday yield on the secondary market benchmark bill which matures on November 16, and 6bp under the yield at the previous three-month T-bill auction held one week earlier.
All accepted yields were 5.75% as against a range of 5.79% and 5.82% one week earlier. The ÁKK accepted ten of the 59 bids it received.
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