The yield on Hungary’s 3-month discount Treasury Bill has dropped further at the Government Debt Management Agency’s (ÁKK) weekly auction on Tuesday therefore short yields may cross south of the 0% mark really soon. The reason is that despite massive demand the issuer allotted the original lot on offer.
Primary dealers have put in HUF 63.9 billion worth of bids on a HUF 20 bn lot of 3-m T-bills today, but the ÁKK has allotted the volume it originally intended to. The average yield was set to 0.12%, down from 0.2% a week earlier. From this point, it is really only a small step to negative yields on Hungarian government securities.
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