ÁKK cuts sale of three-month bills, yields drop

Debt

The Government Debt Management Agency (ÁKK) sold HUF 9 bln of discount three-month T-bills at auction today, cutting its offer by HUF 6 bln on poor demand, Hungarian news agency MTI reported. Yields dropped further.

Primary dealers bid for HUF 17.8 bln of the securities expiring on March 9, 2016.

Demand dropped sharply from well over HUF 60 bln for the same offer at the previous two auctions.

Average yield was 0.73%, down 6 bps from the secondary market benchmark calculated on a 5 weeks longer bill, and down 4 bps from the yield at the previous auction of the bills.

The average three-month yield dropped in the last four weeks after peaking at 1.08% on November 9. It hit an all-time low at 0.38% late September.

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