Strong demand at 3-month T-bills auction, yields correct downwards. Investors demonstrated strong demand at the 3-month T-bills auction organised by the State Debt Management Agency (AKK). Total valid bids amounted to HUF 124.95bn against the HUF 30bn offer of AKK but no oversubscription was accepted. The average yield achieved at the auction stood at 8.09%, which is 3bps below the average yield achieved at the previous tender for similar papers (on Oct 31) and 6bps below Monday’s secondary market benchmark. The next auctions organised by AKK are scheduled for Thursday when the agency will offer HUF 75bn in 3-yesr T-bonds and HUF 20bn in 15-year papers. On a different note, the stock of 2-week deposits at the central bank increased by HUF 102.23bn to HUF 930.5bn. That outturn came as the result of HUF 531.2bn in new deposits and HUF 428.87bn in expiries.