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ÁKK ups sales, yields drop slightly at three-month T-bill auction

The Government Debt Management Agency (ÁKK) raised its sales by HUF 5 billion from the original offer at an auction of three-month discount T-bills by on Tuesday. Oversubscription eased but yields still fell slightly.

ÁKK sold HUF 45 billion of the bills, as against the announced HUF 40 billion. Primary dealers submitted bids for HUF 100.6 billion nominal value bids. Demand fell from HUF 106bn at the previous three-month bill auction held one week earlier when ÁKK sold the announced HUF 40 billion bills.

Average yield at the auction was 5.71%, 14bp below Monday's secondary market benchmark – calculated on a bill expiring on June 1, six weeks later than the bill sold at the auction –, and 1bp under the yield at the previous auction of the bills one week earlier.

Accepted yields ranged between 5.67% and 6.73% as against between 5.65% and 5.76% at the previous auction. (MTI Econews)