Hungary's Government Debt Management Agency (ÁKK) has received HUF 167.8 billion worth of bids on HUF 40 bn 12-month discount T-bills (D100505) at an auction on Thursday. Seeing the 4.2x bid/cover ratio the issuer decided to sell HUF 10 bn more of the instrument than originally planned.
The average yield was set to 9.65%, down 37 basis point from Wednesday's benchmark fixing and 50 bps lower than at the previous auction two weeks ago.
Accepted yields were in a range between 9.58% and 9.75%.
The number of bids (157) was the highest in two years in the series of 12-m T-bill auctions. Meanwhile the issuer accepted only about fifth of the bids (30), while the average ratio has been around 50% since early 2006. This and the higher amount sold imply that some major bids were among those accepted that could have dragged the average yield considerably lower.
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