Demand was high at almost three times of the offer but yields jumped at an auction of discount three-month T-bills by the Government Debt Management Agency (ÁKK) on Tuesday.
ÁKK sold the announced HUF 40bn of the bills expiring on February 22, 2012. Primary dealers bid for HUF 113.8bn, only little less than the HUF 116.2bn bids submitted at the previous auction.
Average yield was 6.71%, 25bp over the secondary market benchmark and 48bp over the yield at the previous auction of the bills one week earlier.
Yields ranged in a wide band between 6.44% and 7.08% as against a band of 6.10% and 6.25% one week earlier.