Hungary’s Government Debt Management Agency (ÁKK) has recorded on Tuesday the highest demand for its 3-month discount Treasury Bills in a long time. Its response was to allot more of the instrument than planned, although even the offered amount was larger than usual.
The ÁKK has placed a HUF 50 billion lot of the 3-m T-bill up for auction on Tuesday, against HUF 40 bn offered previously. Bids from primary dealers totalled HUF 138.2 billion, the highest volume since April 2016. The offered lot was not this big since May 2015.
With the maximum raise of 50%, the allotted volume came to HUF 75 bn, which is the largest volume of 3-m T-bills sold since early 2015. Yet, the average yield is above 0% only by a hair at 0.02%, unchanged from a week ago. The record allotment has not gone hand in hand with a rising yield.
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