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ÁKK sells planned volume of three-month T-bills, yields drop

Debt

The Government Debt Management Agency (ÁKK) sold the planned volume of discount three-month T-bills despite strong demand at an auction on Tuesday, keeping yields on a falling trend.

ÁKK sold the planned HUF 40 bln of the bills expiring on January 14, 2015. Primary dealers submitted bids for HUF 83.9 bln of the papers.

At the previous auction one week earlier the debt manager sold HUF 50 bln of the papers, HUF 10 bln more than planned after receiving practically identical-volume bids, for HUF 82.2 bln.

Average yield was 1.32%, 3bp under the secondary market benchmark, calculated on a bill expiring on January 21, and 4bp lower than the yield at the previous auction of the bills one week earlier. Yields ranged between 1.29% and 1.33%.

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