Demand for Hungarian three-month T-bills recovers at primary auction

The State Debt Management Agency (AKK) sold HUF20bn of three-month T-bills on the latest primary auction, AKK data showed. The issued amount was in line with the original plan after AKK’s failure to sell all planned T-bills on the previous auction last week. Demand on today’s auction recovered and allowed the AKK to fulfil its borrowing plan. Total bids amounted to HUF35.2bn, which still translated into a relatively low bid-to-cover ratio of 1.8x. The average yield on the auction rose to 0.03%, up by 2bps from the previous auction. It was down by 4bps from the secondary market benchmark rate.

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