Currently, Discount Treasury Bills are issued for three benchmark maturities, namely 3, 6 and 12 months, but due to the active secondary market of these securities they are available on the secondary market for practically any possible residual maturity until one year.

Since the beginning (end 1988) Discount Treasury Bills have been issued through public placements, at auctions. At present, auctions of 3 month Discount Treasury Bills are held on Tuesdays every week, 6 month bills on Wednesdays of every odd numbered week (bi-weekly) and 12 month bills on Thursdays of every odd numbered week (bi-weekly). The payment date and transfer of ownership is always Wednesday of the week following the week of the respective auction. The redemption dates of T-bills also fall on Wednesdays. The offering amount of Discount Treasury Bills at each auction is determined in line with the funding plan.

The minimum denomination of Discount Treasury Bills is HUF 10,000. Since 12 April, 1999 the new series of Discount Treasury Bills have been issued in dematerialised form.

The 6 and 12 month Discount Treasury Bills are listed on the Budapest Stock Exchange on the payment date (Wednesday of the next week after the auction).

Discount treasury bills are available to non-resident and resident individuals, legal entities, and non-incorporated economic associations. These investors may trade discount treasury bills without limitations through the whole maturity period.

On the primary market Discount Treasury Bills are sold directly only to primary dealers, while investors must give orders to primary dealers. For more information on the sales methods please see Issuance and Trading.

Discount Treasury Bills can be obtained on the secondary market, amongst others, from primary dealers or in the branch network of the Treasury. For more information on the secondary market please see 5.4.2.