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AKK raises offer, yields under benchmark at three-month T-bill auction

The Government Debt Management Agency (AKK) raised its offer at an auction of discount three-month T-bills on Tuesday.

Auction demand dropped from a week earlier but was still nearly double the offer. The average yield was down from the respective secondary market benchmark, and was unchanged now for the fourth auction in a row.

AKK sold HUF 55 billion of the bills, expiring on July 18, raising its original offer by HUF 5 billion after primary dealers bid for HUF 92.3 billion. Demand fell from HUF 114.8 billion on April 3 when AKK also raised its sale to HUF 55 billion.

Average yield was 7.26%, 9bp under the secondary market benchmark, calculated on a bill expiring on August 22, and level with the yield at the previous auction of the bills one week earlier. 

Yields ranged between 7.20% and 7.30%.