Hungarian three-month yield continues to fall on primary auction

The State Debt Management Agency (AKK) sold HUF25bn of three-month T-bills on the latest primary tender today, according to AKK data. The issued amount was level with the original plan as demand for the securities remained low but ample. Total bids amounted to HUF56.3bn, slightly improving from the previous tender one week ago. Demand accounted for a 2.3x bid-to-cover ratio. The average yield was 0.01% and fell by 1bp compared to the previous auction. It also fell strongly by 11bps compared to the secondary market benchmark rate.

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