Premise: ÁKK auctions HUF 20 bln of discount 12-month T-bills MTI – Econews The Government Debt Management Agency (ÁKK) sold HUF 20 billion of discount twelve-month T-bills at an auction on Thursday, in line with the original offer. Primary dealers bid for HUF 42 bln of the papers, according to state news agency MTI. The average yield was 0.00%, 1 basis point over the secondary market benchmark but 3 bps under the yield at the previous auction of the bills two weeks earlier.
Hypothesis: The secondary market benchmark was 4 bps under the previous auction of the bills two weeks earlier.