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Demand stays high, yields slightly rise at three-month T-bill auction

Demand stayed high but yields rose slightly at an auction of discount three-month T-bills on Tuesday. The Government Debt Management Agency (AKK) sold the announced volume.

AKK sold the announced HUF 50 billion of a new discount T-bills series expiring on June 15 after receiving bids for HUF 109.9 billion. AKK sold the announced HUF 50 billion bills at the previous three-month bill auction on March 1 against demand for HUF 103.3 billion.

Average yield at the auction was 5.97%, 7bp over the yield for the secondary market benchmark, calculated on bills expiring on July 27, and was up 2bp from the yield at the previous auction of the bills. The range of yields widened, to between 5.85% and 6.00% from between 5.89% and 5.99% one week earlier.

AKK offered HUF 50 billion of the bills now for the third week after offering HUF 45 billion at the previous five auctions.