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Three-month T-bill auction undersubscribed, yield unchanged

Debt

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The Government Debt Management Agency (ÁKK) sold HUF 12 bln of discount three-month T-bills at auction on Tuesday, cutting its original offer by HUF 8 bln in light of undersubscription, Hungarian news agency MTI reported.

The average yield was 0.01%, level with the record-low yield at the previous auction of the bills one week earlier, and 6 bps under the secondary market benchmark which matures three weeks later.

Yields ranged between 0.03% and -0.01%, the first negative yield on a Hungarian government security.

Primary dealers bid for HUF 14.2 bln of the papers, under the HUF 20 bln original offer.

A three-month T-bill auction has not been undersubscribed since early January.

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