The average yield on Hungary’s 3-month discount Treasury Bill has dropped further at the Government Debt Management Agency’s (ÁKK) weekly auction on Tuesday. Even the highest accepted yield was under 0.3%. This implies there is still room to go lower, so the ÁKK allotted 20 billion forint worth of 3-m T-bills, the original amount on offer.
The ÁKK has received HUF 44.6 bn worth of bids from primary dealers on a HUF 20 bn lot 3-m bills today, but did not sell more of the instrument than it originally intended to. The average yield was set to 0.27%, 4 basis points lower than a week ago and 6 bps under Monday’s secondary market benchmark fixing. Even the lowest accepted yield has not been under 0.3% before, while now accepted yields were between 0.26% and 0.29%.
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