The Government Debt Management Agency (AKK) sold the announced volume of three-month discount T-bills at dropping yields at an auction on Tuesday.
Demand fell from an extraordinary almost four-fold subscription a week earlier, when the start of talks on IMF/EU assistance boosted demand.AKK sold HUF 45 billion of the bills expiring on October 31, the announced amount after primary dealers submitted bids for HUF 80.5 billion.
At the previous auction of three-month T-bills AKK sold HUF 60 billion, raising its original offer by HUF 15 billion after receiving bids for HUF 176.9 billion.
Average yield was 6.86%, 11bp under the secondary market benchmark, calculated on a bill expiring on December 12, and 3bp lower than the yield at the previous auction of the bills one week earlier. Yields ranged between 6.83% and 6.90%.
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