ÁKK: Demand moderate, yields rise at three-month bill auction

Debt

The Government Debt Management Agency (ÁKK) sold the originally planned HUF 40 billion of discount three-month T-bills on moderate subscription at auction today, Hungarian news agency MTI reported. Yields rose for the second week in a row.

Dealers submitted HUF 46.3 bln bids for the papers which expire on May 11. Demand fell from HUF 48.9 bln a week earlier when the debt manager cut its sale by HUF 5 bln to HUF 35 bln.

Average yield was 1.09%, 16 bps over the secondary market benchmark, calculated on a bill expiring on June 8, and 11 bps over the yield at the January 26 auction.

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