The ÁKK cut its original offer on both terms amid oversubscription, but the three-month yield still rose from the previous auction.
The ÁKK sold HUF 37 bln of three-month discount T-bills, reducing its original offer by HUF 13 bln. Primary dealers bid for HUF 61.9 bln of the papers. The average three-month yield came to 0.03%, up 6 basis points from the previous auction on December 11, and up 3 bps from the respective secondary market benchmark. The three-month average auction yield rose into positive territory for the first time since the end of September.
The ÁKK also sold HUF 35 bln of discount 12-month T-bills, HUF 5 bln less than the original offer. Primary dealers bid for HUF 74.9 bln of the papers. The average yield was 0.36%, the same as the secondary market benchmark the preceding Friday, and 5 bps lower than the yield at the previous auction of the bills two weeks earlier.
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