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ÁKK 3-month T-bill sale goes to plan

The Government Debt Management Agency (ÁKK) sold HUF 20.0 billion of discount three-month T-bills at auction on Tuesday, in line with the original offer, state news wire MTI reported.

Primary dealers bid for HUF 61.9 bln of the securities that expire on October 16. The average yield was 0.00%, 9 basis points under the secondary market benchmark, calculated for a bill expiring five weeks later, and 2 bps lower than the yield at the previous auction of the bills one week earlier.

The last auction when the average three-month yield was zero was April 30. The yield hovered between 0.00% and 0.01% between early March and the end of April, rising to peak at 0.08% on May 29, before falling again thereafter, MTI recalled.