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Oversubscription rises, yield unchanged at three-month T-bill auction

Oversubscription more than doubled and the average yield was unchanged from a week ago at an auction of discount three-month T-bills by the Government Debt Management Agency (ÁKK) on Tuesday.

ÁKK sold the announced HUF 30bn of the bills due on January 25, 2012, after receiving bids for HUF 69.9bn. Bids for the same offer reached HUF 58.9bn at the previous auction on October 11.

The debt manager reduced the announced per-auction volume from HUF 50bn to HUF 30bn at the September 27 auction when it started offering three-month bills expiring in 2012.

Average yield at the auction was 6.03%, 2bp lower than the secondary market benchmark and unchanged from the average yield at the previous auction.

The yield range narrowed to between 5.98% and 6.05% from 5.90%-6.08% one week earlier.