ÁKK sells HUF 20 bln of 3-month bills, yield drops

The Government Debt Management Agency (ÁKK) sold HUF 20 billion of discount three-month T-bills at auction on Tuesday, in line with the original offer, Hungarian news agency MTI reported.

Primary dealers bid for HUF 64.5 bln of the papers, which expire on August 23.

The average yield was 0.01%, 9 bps under the secondary market benchmark, which matures on September 13, and 2 bps lower than the yield at the previous auction of the bills one week earlier.

The average yield fell back to the low point it reached at the March 14 and March 21 auctions. Yields remained, however, positive, as opposed to March 21 when the minimum auction yield was minus 0.01%, the first ever negative yield at a Hungarian government securities auction.

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