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Oversubscription rises at three-month T-bill auction

Oversubscription rose but was still moderate compared to May levels at an auction of three-month discount T-bills by Hungary's government debt management agency ÁKK on Tuesday. The ÁKK sold the announced volume, yields fell slightly from the previous auction a week earlier.

The ÁKK sold HUF 50 billion of the bills expiring on September 14, the announced amount. Primary dealers submitted bids for HUF 120.2 billion, up from HUF 109.7 billion at the previous auction, but down from subscription at the previous four auctions.

Average yield was 5.88%, 1bp under the yield at the previous auction one week earlier, and 1bp over the yield for the secondary market benchmark, which expires on September 21. The range of accepted yields dropped and widened to between 5.85% and 5.89% from the 5.89%-5.90% range of the previous auction.