ÁKK cuts sale of three-month bills, yields drop
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.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.