Hungarian twelve-month yield remains stable on primary auction

The State Debt Management Agency (AKK) placed HUF 20.0bn of twelve-month T-bills on the latest primary auction, according to AKK data. The issued amount was in line with the initial offer as the AKK maintained its practice to avoid oversubscription even in case of strong demand. Total bids amounted to HUF48.8bn on the auction and increased slightly from the previous auction two weeks ago. They provided a relatively high 2.4x bid-to-cover ratio. The average yield on the auction was generally stable, rising by just 1bp from the previous auction to 0.13%. The yield was also up by 1bp compared to the secondary market benchmark rate.

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