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Yields edge up at three-month govt bond auction

Yields edged up at an auction of three-month discount T-bills by the Government Debt Management Agency (ÁKK) on Tuesday but demand was still healthy.

The ÁKK sold HUF 40 billion of the bills, the announced amount. Primary dealers submitted bids for HUF 85.7 billion.

Average yield at the auction was 5.98%, 3bp over the secondary market benchmark and 26bp higher than the yield at the previous auction of the bills one week earlier. Yields ranged between 5.79% and 6.01%.

At the previous week's auction, the ÁKK cut its offer, selling just HUF 27 billion of the announced HUF 40 billion of bills as bids were only HUF 46.7 billion.