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Demand high, yields drop at three-month T-bills at auction

Demand rose but Hungary's Government Debt Management Agency (AKK) sold the announced HUF 40 billion discount three-month T-bills at an auction on Tuesday. Yields fell slightly.

AKK sold HUF 40 billion of the bills, the announced amount. Offers by primary dealers came to HUF 135 billion, up from HUF 114.1 billion at the previous auction held on October 26 when AKK raised its sales by HUF 5 billion.

Average yield was 5.24%, 11bp under the secondary market benchmark, and 1bp under the yield at the previous auction of the bills one week earlier. Yields varied between 5.16% and 5.25%, compared to the 5.20%-5.27% range at the previous auction. (MTI-Econews)