ÁKK sells HUF 25 bln of three-month T-bills, yield rises

Debt

The Government Debt Management Agency (ÁKK) sold the originally offered HUF 25 billion of discount three-month T-bills at auction on Tuesday. Oversubscription was moderate and yields rose, but still stayed below zero.   

The ÁKK offered HUF 25 bln of three-month bills for the auction, raising the amount on offer from the HUF 15 bln it has been offering since June 13. The ÁKK accepted oversubscription for the first time at the previous auction on October 19. 

Primary dealers bid for HUF 29.4 bln of the securities expiring on January 31. The average yield was negative 0.01%, 3 bps over the secondary market benchmark and 4 bps over the yield at the previous auction of the bills one week earlier. 

The average three-month auction yield rose closest to zero since it dipped into negative territory on September 5.

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