Three-month bill sale below plan, yields rise

Debt

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The Government Debt Management Agency (ÁKK) sold HUF 35 bln of discount three-month T-bills at auction today, cutting its original offer by HUF 5 bln on limited oversubscription. Auction yields rose after dropping in the previous two weeks.

Dealers bid HUF 45.5 bln for the papers which expire on May 4. Demand halved from the previous auction one week earlier.

Average yield was 0.98%, 8 bps over the secondary market benchmark, calculated on a bill expiring on June 8, and 5 bps over the yield at the January 19 auction.

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