Hungary debt manager unyielding despite massive demand

Demand for Hungary’s 3-month discount Treasury Bills has been the highest in almost two years at the Government Debt Management Agency’s (ÁKK) regular weekly auction on Tuesday. Yet, the issuer allotted only the original amount on offer. The average yield slipped into negative territory again.
The ÁKK has received HUF 132.8 billion worth of bids on a HUF 40 bn lot of 3-m T-bills today, which marks the highest demand since April 2016. All the same, the ÁKK allotted only the original amount on offer. The average yield was set to -0.01%, down 3 basis points compared to the previous auction of this instrument a week ago and unchanged compared to yesterday’s benchmark fixing on the secondary market. After mid-December, the average yield has slumped back to negative territory.

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