Demand for three-month bills returned after a lull last week and the Government Debt Management Agency (ÁKK) sold the announced volume at an auction of on Tuesday. Yields dropped slightly from the previous auction on April 30 but were well over the secondary benchmark. ÁKK sold HUF 50 billion of the bills expiring on August 14, the announced volume after primary dealers bid for HUF 104.5 billion. At the previous auction the debt manager reduced its offer by HUF 10 billion after primary dealers bid for just HUF 56.1 billion. Subscriptions exceeded HUF 100 billion for the first time since April 9. Average yield was 4.26%, 17bp over the secondary market benchmark, which matures five weeks later, and 1bp under the yield at the previous auction of the bills one week earlier. Yields ranged between 4.17% and 4.29%.
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