Hungary’s Government Debt Management Agency (ÁKK) cut the sale of three-month discount T-bills on Tuesday as its raised offer was only moderately oversubscribed; yields rose.

ÁKK sold HUF 50 billion of the bills expiring on December 21, cutting the announced amount by HUF 10 billion after receiving bids for just HUF 95.3 billion. Demand fell from HUF 104.7 billion at the previous auction on September 6 when ÁKK sold the announced HUF 50 billion bills.

ÁKK raised its auction offer to HUF 60 billion for the current auction from HUF 50 billion at the previous auction and from HUF 40 billion it had been offering at the six weekly three-month bill auctions between July 26 and August 30.

Average yield at the auction was 5.69%, 4bp over the secondary market benchmark, calculated on bills expiring on January 11 next year, and 6bp higher than the yield at the previous auction of the bills.

Three-month average auction yields rose for the first time since the middle of August.