Yields on Hungary's twelve-month bills drop at primary auction.

By bne IntelliNews August 2, 2013

Hungary's state debt manager AKK sold HUF 50bn (EUR 167mn) in 12-month treasury bills at an auction on August 1, in line with the initial offer, AKK informed.

Investors’ bids totalled HUF 91.7bn, which marked a sharp decline from HUF 171.4bn at the previous tender held a couple of weeks ago, when AKK raised the initial float by HUF 25bn.

The average yield at the latest auction reached 4.02%, down by 6bps from the yield at the previous tender and 7bps under the secondary benchmark fixing.

The range of yields widened and varied between 3.97% and 4.07%.

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