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Oversubscription drops further at three-month T-bill auction

Debt

Oversubscription dropped to slightly less than double but the average yield also fell a tad at an auction of discount three-month T-bills by the Government Debt Management Agency (ÁKK) on Tuesday.

ÁKK sold the announced HUF 30bn of the bills due on January 18, 2012, after receiving bids for HUF 58.9bn. Bids for the same offer reached a high HUF 79.6bn at the previous auction on October 4.

The debt manager reduced the announced per-auction volume from HUF 50bn to HUF 30bn at the September 27 auction when it started offering three-month bills expiring in 2012.

Average yield at the auction was 6.03%, 7bp over the secondary market benchmark, calculated on a bill series expiring one week earlier on January 11, and 1bp under the yield at the previous auction of the bills one week earlier.

Yields ranged between 5.90% and 6.08%. The yield band narrowed from the previous few weeks but still was wider than usual.

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