Hungarian 3-month T-bills yield 2.29% as demand grows

Debt

There was strong bidding for Hungarian 3-month discount Treasury-bills at yesterday’s auction, according to Hungary’s Government Debt Management Agency (ÁKK) .

Despite the surge in demand, the government only issued an additional HUF 10 bln more in T-bills than it had originally planned, according to Portfolio.hu. The demand drove yields down to 2.25% and 2.30%, averaging 2.29%, which marks a 5 bp drop compared to the average yield at the last auction of this maturity a week ago.

This means that the Hungarian government is able to obtain credit more cheaply than it did a year ago, when yields were around 4.5%.

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