Slight increase of Hungarian yields on three-month T-bill auction

The State Debt Management Agency (AKK) sold HUF 20.0bn of three-month T-bills on the latest primary auction, according to AKK data. The issued amount was in line with the preliminary plan as the AKK does not allow oversubscription on the recent T-bill auctions. Total bids amounted to HUF 31.1bn, almost level with the bid volume from the previous auction one week ago. Demand provided a 1.6x bid-to-cover ratio, which we consider corresponding to the usual trend in the past few weeks. The average yield inched up slightly by 1bp from the previous auction to 0.04%. It was still down by 1bp from the secondary market benchmark rate.

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