Hungary’s Government Debt Management Agency (ÁKK) sold 60 billion worth of 3-month discount Treasury-bills on Tuesday, having received more bids than usual. The massive sale also has to do with the fact that the lot on offer was the greatest since May. Yields dropped further, close to 0.5%.
The ÁKK has placed a HUF 45 bn lot of 3-m T-bills up for auction today, which is the largest amount since May. Fortunately, the size of bids reflected this, as the debt manager has received HUF 163.6 bn worth of bids from primary dealers. This is the biggest demand since January. In response, the ÁKK allotted HUF 60 bn of the instrument.
Yields have also dropped further. Accepted yields were in a range between 0.52% and 0.58%, averaging 0.56%, which is 14 basis points lower than it was a week ago, but 1 bp higher than yesterday’s benchmark fixing.
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