30-day T-bills over­sub­scribed

Financial Mirror (Cyprus) - - FRONT PAGE -

The Pub­lic Debt Man­age­ment Of­fice at the Min­istry of Finance re­ceived ten­ders for a to­tal of EUR 296.7 mln dur­ing Tues­day’s auc­tion of 30-day trea­sury bills.

This made the de­mand for the is­sue is­sue of EUR 50 mln over­sub­scribed by six times.

The PDMO said that the weighted aver­age yield was 0.51%. The ac­cepted yields ranged be­tween 0.49 and 0.54%.

Yields have been suc­cess­fully com­ing down, af­ter a EUR 50 mln auc­tion in Septem­ber was over­sub­scribed just un­der three times and the PDMO had ac­cepted yields ranged be­tween 1.10% and 1.42% for a weighted aver­age yield of 1.31%. Just last week, the gov­ern­ment sold EUR 100 mln worth of 13-week Trea­sury Bills with bids six times over­sub­scribed, push­ing yields fur­ther down to 1.17%.

This fol­lows last month’s suc­cess­ful re­turn to the bond mar­kets when Cyprus raised EUR 1 bln from a 10-year Eurobond (EMTN) with a yield of 4.25%. This was the gov­ern­ment’s third at­tempt since 2011 when it was shut out of mar­kets due to the econ­omy’s spi­ralling con­trac­tion that prompted a EUR 10 bln bailout res­cue by the Troika of in­ter­na­tional lenders (ERC, ECB, IMF).

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