Yields correct downwards at 3-month T-bills auction on moderate demand.

Yields correct downwards at 3-month T-bills auction on moderate demand. Investors demonstrated moderate demand at 3-month T-bills auction organised by the State Debt Management Agency (AKK). Total valid bids amounted to HUF 67.44bn against the HUF 30bn offer of AKK, which was entirely placed. The average yield achieved at the auction stood at 8.04%, which is 5bps below the average yield achieved at the previous tender for similar papers (on Nov 7) and 11bps below the Monday’s secondary market benchmark. The next auctions organised by AKK are scheduled for Wednesday and Thursday when the agency will offer HUF 35bn in 6-month T-bills and HUF 40bn in 12-month T-bills, respectively.