Yields drop below 0.1% at three-month bill auction

Debt

Hungary’s Government Debt Management Agency (ÁKK) sold HUF 20 billion of discount three-month T-bills at auction today, in line with the original offer, Hungarian news agency MTI reported.

Demand fell from a week earlier but was still more than double the offer, and the average yield fell sharply further, to a new all-time low, of 0.06%. Primary dealers bid for HUF 44.9 bln of the securities expiring on March 29, 2017.

Average yield was 0.06%, 9 bps under the secondary market benchmark, calculated on a bill series expiring on May 24 next year, and 6 bps under the average yield at the previous auction of the bills on December 6.

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