Demand for Hungary's three-month discount T-bills eases at primary auction.

By bne IntelliNews July 31, 2013

Hungary's state debt manager AKK sold HUF 50bn (EUR 167.1mn) of three-month discount Treasury bills at an auction on July 31, in line with the initial offer, AKK said.

Investors submitted bids worth HUF 82.9bn providing a relatively weak coverage ratio over the original supply. Demand dropped from HUF 134bn at the previous auction held a week earlier, when AKK raised the announced volume of by HUF 10bn.

The average yield at the latest auction reached 3.97%, down by 5bps from the previous tender but 4bps over the secondary benchmark fixing. The range of yields widened and varied between 3.90% and 4.05%.

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