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Demand rises, AKK sells announced volume of three-month T-bills

AKK sold HUF 50 billion of three-month discount T-bills, the planned amount, at an auction on Tuesday. Subscription rose to near threefold of the offer. Yields dropped slightly from the previous auction one week earlier but were up from the Wednesday benchmark.

Bids for the bills, expiring on July 20, came to HUF 148.5 billion, well up from HUF 103.9 billion at the previous auction, and the highest demand since the middle of February.

Average yield was 5.92%, 7bp over the secondary market benchmark, which is calculated on a bill expiring one week later than the bills sold at the auction. The yield was 2bp under the yield at the previous auction of the bills one week earlier.

The range of yields narrowed to between 5.90% and 5.93%, from between 5.85% and 5.95% one week earlier.