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ÁKK sells announced volume at dropping yields at 3-month auction

The Government Debt Management Agency (ÁKK) sold the announced HUF 45 billion of discount three-month T-bills at an auction on Tuesday.

Demand at the weekly auctions fell after exceeding HUF 100 billion at the previous, August 28 auction for the first time since the middle of July. The average yield fell from the previous auction and was also under Monday's benchmark.

ÁKK received HUF 87.9 billion bids for the bills expiring on December 12, of which it accepted HUF 45 billion, the announced volume. Subscription was down from HUF 104.3 billion at the previous auction a week earlier where AKK also sold the announced HUF 45 billion of the bills.

Average yield was 6.68%, 3 basis point under the secondary market benchmark, calculated on the same bill series, and 16bp under the yield at the previous auction of the bills one week earlier. Yields ranged between 6.60% and 6.75%.