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Demand strong, yields steady at three-month T-bill auction

Demand was strong and yields were steady at an auction of three-month discount T-bills by the Government Debt Management Agency (AKK) on Tuesday.

AKK sold HUF 30bn of the bills, in line with the original offer. Primary dealers submitted bids for HUF 118.7bn.

Average yield was 7.03%, the same as at the previous auction of the bills one week earlier. The yield was 32bp under the secondary market benchmark, but the benchmark matures on May 2, while the auctioned bill matures on March 21. Yields ranged between 6.95% and 7.06%.