ÁKK sells HUF 40 bln of 3-month T-bills, yield back up to zero
The Government Debt Management Agency (ÁKK) sold HUF 40 billion of discount three-month T-bills at auction on Tuesday, as originally planned. Demand was more than double the raised offer, but yields rose back to zero for the first time since the end of August, according to state news wire MTI.
The auction offer was raised to HUF 40 bln from HUF 25 bln at the previous auction last week, when the debt manager raised the offer from the HUF 15 bln it had been offering since June 13.
Primary dealers bid for HUF 88.6 bln of the securities expiring on February 7, 2018.
The average yield was 0.00%, 4 basis points over the secondary market benchmark and 1 bp over the yield at the previous auction of the bills one week earlier.
The average three-month auction yield reached zero for the first time since dipping into negative territory on September 5.
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