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ÁKK raises sale of three-month bills, yields drop

Debt

The Government Debt Management Agency (ÁKK) sold HUF 20 bln of discount three-month T-bills at auction today, raising its offer on large demand, Hungarian news agency MTI said. Yields continued to drop following the auction.

Primary dealers bid for HUF 69.1 bln of the securities expiring on March 2, 2016.

The debt manager did not raise its sales on the similarly large oversubscription at the previous auction one week earlier.

Average yield was 0.77%, down 8 bps from the secondary market benchmark calculated on a 5 week longer bill, and down 3 bps from the yield at the previous auction of the bills.

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

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