Demand strong, yields down at three-month T-bill auction

Debt

The Government Debt Management Agency (AKK) raised its sales of three-month discount T-bills on almost fourfold demand at an auction on Tuesday. Yields fell.

AKK sold HUF 55bn of the bills, raising the announced amount by HUF 10bn. Primary dealers offered to buy HUF 173.4bn. Oversubscription rose from an already high HUF 123.4bn one week earlier.

Average yield was 7.84%, 1bp under the secondary market benchmark and 14bp under the yield at the previous auction of the bills one week earlier. Yields ranged between 7.50% and 7.90%, down from the range of 7.68% and 8.05% at the previous auction.

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