Demand high, yields drop at 3-month T-bill auction

Yields dropped as the Government Debt Management Agency (ÁKK) accepted the pre-announced volume despite large oversubscription at an auction of discount three-month T-bills today.

ÁKK sold HUF 40 bln of the bills expirin on October 15, as planned. Primary dealers submitted bids for HUF 200.4 bln.

The debt manager sold the announced HUF 60 bln bills at the previous auction on July 1 when demand totalled HUF 217.9 bln.

ÁKK cut its auction offer to HUF 40 bln after offering HUF 60 bln three-month bills at the weekly auctions between January 21 and July 1.

Average yield was 2.11%, 7bp under the secondary market benchmark and 8bp lower than the yield at the previous auction of the bills one week earlier. Yields ranged between 2.08% and 2.12%.

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