Hungary’s Government Debt Management Agency (ÁKK) had an easy job selling HUF 60 billion worth of 3-month discount Treasury-bills (D150408) at an auction on Monday, as it has received HUF 96.2 bn worth of bids from primary dealers. However, yield expectations have been placed much higher than at previous tenders.
Accepted yields were in a wide range between 1.40% and 1.57% today, but the debt manager allotted only the original volume on offer. The average yield was set to 1.53%, which is 28 basis points over last Tuesday’s secondary market benchmark fixing and also 20 bps higher than the average yield at the previous 3-m T-bill auction on 16 December. We should also note, however, that the yield level remains extremely low both in historical comparison and compared to the central bank’s key policy rate (2.10%).
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