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

Demand was more than three times the offer and auction yields were steady at an auction of three-month discount T-bills by the Government Debt Management Agency (AKK) on Tuesday.

AKK sold HUF 30bn of the bills, in line with the original offer. Primary dealers submitted bids for HUF 92.9bn, less than the HUF 118.7bn bids submitted for the same offer one week earlier.

Average yield was 7.03%, the same as at the previous two auctions of the bills one and two weeks earlier. The yield was 7bp under the secondary market benchmark, but the benchmark matures on May 2, while the auctioned bill matures on March 28.

Accepted yields varied between 6.95% and 7.06%, in the same band as one week earlier.

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