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Oversubscription drops, ÁKK sells announced volume at three-month T-bill auction

Oversubscription dropped but was still more than twofold at an auction of three-month discount T-bills by Hungary's Government Debt Management Agency (ÁKK) on Tuesday. ÁKK sold the announced volume, yields fell slightly from the previous auction a week earlier.

ÁKK sold HUF 50 billion of the bills expiring on September 7, the announced amount. Primary dealers submitted bids for HUF 109.7 billion, down from HUF 159.9 billion at the previous auction. Subscription was the lowest since early April.

Average yield was 5.89%, 1bp under the yield at the previous auction one week earlier, and 2bp over the yield for the secondary market benchmark, which has two weeks more to maturity than the bill offered at the auction. Yields were in a narrow range between 5.89% and 90%, and compared to a 5.85%-5.92% range of the previous auction.