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Demand for three-month T-bills slightly down, auction yield unchanged

AKK sold HUF 50 billion of three-month discount T-bills, the planned amount, at an auction on Tuesday. Subscription dropped but still was more than twice the offer. The average yield was unchanged from the previous auction one week earlier and was up from last Friday's secondary market benchmark.

Bids for the bills, expiring on August 3, came to HUF 110.6 billion. Subscription was down from HUF 121.0 billion for bills expiring on July 27 at the previous auction.

Average yield was 5.94%, 9bp over the secondary market benchmark, which is calculated on bills expiring one week earlier. The yield was unchanged from the average yield at the previous auction.

The range of yields slipped lower and also widened from one week earlier, to between 5.86% and 5.95% from between 5.89% and 5.96%.