Demand for Hungarian three-month T-bills improves

The State Debt Management Agency (AKK) sold HUF15.0bn of three-month T-bills on the latest primary auction, according to AKK data. The issued amount corresponded to the original offer as demand for the securities was more than sufficient. The volume of bids increased from the previous tender one week ago and amounted to HUF35.3bn for a healthy bid-to-cover ratio of 2.4x. The average yield was unchanged from last week’s auction and stood at -0.01% with no change in the minimum and maximum bids either. The average yield was still down by 5bps compared to the secondary market benchmark rate.

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