Hungary’s Government Debt Management Agency (ÁKK) allotted 25 billion forints worth of 3-month discount Treasury Bills at its weekly auction on Tuesday, which is more than usual, although demand was not exceptional. As a result, accepted yields came in somewhat higher; there were actually investors that received 0% yield on the instrument.
Instead of the usual HUF 15 billion lot, the ÁKK has today put up for auction HUF 25 bn worth of 3-m T-bills, which was the largest amount offered since January. This might just give some grounds to market rumours that due to the pre-financing of EU projects the cabinet has run out of liquidity.
Primary dealers have put in only HUF 29.4 bn worth bids on the raised amount, which were all accepted. The average yield was set to -0.01% vs. -0.05% a week ago. Accepted yields were between 0.0% and -0.03%, i.e. some of the investors do not have to pay to be able to finance the Hungarian state.
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