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ÁKK raises offer of 3-month T-bills on falling yields

The State Debt Management Centre (ÁKK) sold Ft 35 billion worth of three-month T-bills at auction on Tuesday, Ft 5 billion more than planned, after receiving bids for Ft 112.11 billion. The average yield at the auction was 5.91%, 10 bp under Monday's secondary market benchmark and 1 bp lower than the yield at the previous auction. Yields varied between 5.80% and 5.92%.
Yields fell about 10 bp - slipping the most for longer maturities - on the secondary market for government securities in the morning, dealers said. But a statement by the central bank governor saying Hungary's 2010 eurozone target seems impossible, along with the release of the Finance Ministry's October budget forecast, which puts the ten-month deficit well over the full-year target, both caused yields to return to their Monday levels by midday.