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ÁKK sticks to 3-month T-bill offer, despite negative yield

Debt

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The Government Debt Management Agency (ÁKK) sold HUF 25.0 billion of discount three-month T-bills at auction on Tuesday, standing by its original offer despite strong oversubscription and falling yields.

Primary dealers bid for HUF 124.0 bln of the securities, state news wire MTI reported. The average yield was -0.05%, 17 basis points under the secondary market benchmark and 10 bps lower than the yield at the previous auction of the bills one week earlier.

At the previous weekly auction of the three-month bills, the ÁKK also offered, and sold, just HUF 25 bln of the securities. Offers in previous weeks, extending back almost a year, had been mostly for HUF 40 bln or HUF 50 bln of the papers, MTI noted.

The average yield at a three-month T-bill auction has not been negative since January 2018.

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