Stable Hungarian yields and demand on three-month T-bill primary auction

The State Debt Management Agency (AKK) issued HUF15bn of three-month T-bills on the latest primary auction, according to AKK data. The sold amount was in line with the AKK announcement despite that demand generally provided room for oversubscription. The volume of bids was similar to the previous auction one week ago and amounted to HUF41.8bn, translating into a relatively high bid-to-cover ratio of 2.8x. The average yield on the auction was 0.02% and was unchanged from the previous auction. It was down by 3bps from the secondary market benchmark rate.

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