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Demand rises for three-month T-bills

Oversubscription rose to more than threefold at an auction of three-month discount T-bills by Hungary's government debt management agency ÁKK on Tuesday. ÁKK sold the announced volume, yields fell slightly from the previous auction a week earlier.

ÁKK sold HUF 50 billion of the bills expiring on August 31. Primary dealers submitted bids for HUF 159.9 billion, up from HUF 127.2 billion at the previous auction. Demand rose near the level at the first two auctions in May.

Average yield was 5.90%, 1bp under the yield at the previous three-month T-bill auction one week earlier, and 5bp over the yield for the secondary market benchmark, which three weeks longer than the bill offered at the auction. Yields ranged between 5.85% and 5.92%, down from the 5.89%-5.93% range of the previous auction.