Hungarian three-month T-bill yield inches up on primary auction

The State Debt Management Agency (AKK) placed HUF20bn of three-month T-bills on the latest primary auction, according to AKK data. The issued amount was in line with the original plan as demand for the securities remained sufficient. The volume of bids increased slightly from the previous auction one week ago but its nominal amount remained relatively low at HUF46.9bn. The bid-to-cover ratio, however, was quite strong at 2.3x, given the low issuance. The average yield rose by 1bp from the previous tender to 0.05%. It was still level with the secondary market benchmark rate.

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