The State Debt Management Agency (AKK) placed HUF25bn of three-month T-bills on the latest primary auction, according to AKK data. The issued amount was in line with the original plan despite that demand did not improve from the previous auction last week when the AKK had opted to reduce the issue volume. Total bids amounted to HUF36bn and provided a relatively low bid-to-cover ratio of 1.4x. The average yield was equal to zero and was down by 2bps from the secondary market benchmark rate. It was also 1bp lower than the yield achieved on the previous tender.