Subscription was three-fold and yields dropped slightly further. Primary dealers bid for HUF 68.3 bln of the papers expiring on November 23.
Average yield was 0.41%, 4 bps under the secondary market benchmark, calculated on a bill series expiring on December 28, and 1 bps lower than the yield at the previous auction of the bills one week earlier.
ÁKK reduced its usual offer at the weekly three-month T-bill auction from HUF 40 bln to HUF 30 bln on July 26, and then to HUF 20 bln on August 2. ÁKK has shifted from net issues to net redemptions of the bills, in line with its three-month issue plans.
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