Oversubscription drops, yields rise at three-month T-bill auction
Oversubscription dropped and the average yield rose at an auction of discount three-month T-bills by the Government Debt Management Agency (ÁKK) on Tuesday.
ÁKK sold HUF 30bn of the bills due on January 11, 2012, the announced amount, after receiving bids for HUF 79.6bn. Bids for the same offer reached a high HUF 145.2bn at the previous auction on September 27.
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 6.04%, 9bp over the secondary market benchmark, calculated on the same series bills, and 13bp over than the yield at the previous auction of the bills one week earlier. Yields continued to range in wide band, varying between 5.85% and 6.15%.
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