Heavy demand for 12-m Hungary T-bills, yield up

Portfolio
Hungary's Government Debt Management Agency (ÁKK) has received HUF 91.9 billion worth of bids (2.3x bid/cover ratio) on HUF 40 billion 12-month discount T-bills (D070214) at an auction on Thursday. Despite the heavy demand the ÁKK did not sell more of the instrument than planned.
The average yield was set to 6.32%, up 2 bps from Wednesday's benchmark fixing and 13 bps higher than at the previous auction two weeks ago.

Accepted bids were between 6.29% and 6.34%.
 

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