Hungary's Government Debt Management Agency (ÁKK) has again sold its entire lot of 12-month discount treasury bills on offer at an auction on Wednesday. The issuer has received HUF 136.459 bn worth of bids on HUF 40 bn 12-m bills (D100825). The bid/cover ratio came to 3.36x
The bills were sold at an average yield of 7.80%, down 12 basis points from Tuesday's benchmark fixing and 4 bps lower than at the previous auction of the bill two weeks ago, when demand for the instrument was as huge as once in the spring of 2007.
Accepted yields today ranged between 7.79% and 7.80%.
The 7.80% average yield marks a low level untouched for about 18 months. The last time the avg yield was set this low happened in early February 2008.
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