The Government Debt Management Agency (ÁKK) sold the announced HUF 50 billion of three-month discount T-bills at auction on Tuesday. Oversubscription was moderate but auction yields still dropped both from a week earlier and were also down from the latest secondary market benchmark. Primary dealers bid to buy HUF 85.5 billion of the bills expiring on July 31. Demand fell from HUF 99.6 billion at the previous auction on April 16when ÁKK also sold the announced HUF 50 billion. Average yield was 4.26%, 10bp under the secondary market benchmark, calculated on a bill expiring one week earlier, and 8bp lower than the yield at the previous auction of the bills. Yields ranged between 4.10% and 4.32%.
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