Slight increase of twelve-month Hungary’s T-bill yield on primary auction

The State Debt Management Agency (AKK) placed HUF15bn of twelve-month T-bills on the latest primary auction today, according to AKK data. The issued amount was in line with the initial offer as demands for the securities remained average. Total bids declined slightly from the previous auction two weeks ago and amounted to HUF34.1bn. They still provided a comfortable bid-to-cover ratio of 2.3x with no sign of disturbance on the market after last week’s failed three-year bond placement. The average yield on the auction inched up by 1bp from the previous auction to 0.10%. It increased by the same margin compared to the secondary market benchmark rate.

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