Demand drops, yields inch down at three-month T-bill auction
Oversubscription dropped and the Government Debt Management Agency (AKK) sold the announced amount of discount three-month T-bills at an auction on Tuesday. Yields dropped slightly.
AKK sold HUF 50 billion of the bills expiring on June 6, the announced amount. Primary dealers submitted bids for HUF 80.8 billion.
Demand for the three-month papers fell from HUF 107.8 billion at the previous auction one week earlier and from well above HUF 100 billion at the preceding three of the weekly auctions. On February 21 AKK raised its sales by HUF 10 billion to HUF 60 billion.
Average yield at the auction was 7.22%, 1bp under the secondary market benchmark (which matures three weeks after the auctioned bill), and 2bp under the yield at the previous auction of the bills one week earlier. Yields ranged between 7.14% and 7.27%, the range hardly changed from 7.15% and 7.27% one week earlier.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.