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Three-month bill auction undersubscribed

Debt

Tuesday's auction of three-month discount T-bills was undersubcribed, and the Government Debt Management Agency (ÁKK) sold HUF 20 bln or just half of the original offer at rising yields, Hungarian news agency MTI reported today. The auction was the first undersubscribed three-month bill auction this year. The auction yield rose for the first time since the middle of May.

Primary dealers bid for HUF 32.6 bln of the papers expiring on January 28, 2015. Average yield was 1.34%, 4 bp over the secondary market benchmark, calculated on a series expiring one week earlier, and 4 bp higher than the yield at the October 14 auction. Yields varied between 1.25% and 1.38%.

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