Lower yield in T-bill auction
Greece sold 812.5 million euros of threemonth T-bills yesterday to refinance maturing issues, the country’s debt agency PDMA said. The three-month paper was sold at a yield of 2.33 percent, down from 2.70 in a previous sale last month. The amount raised included 238 million euros in non-competitive bids. The sale’s bidto-cover ratio was 1.85, up from 1.30 in the previous sale. The settlement date of the new bills is tomorrow. straints. It explained that Greece’s credit metrics are on an improving trend, with economic growth turning positive and the public finances on more solid footing than in past. Moody’s also expects Greece’s debt burden to stabilize this year and start declining slowly from next year onwards, reaching 176 percent of gross domestic product in 2018. The country’s credit profile remains constrained by high level of public debt, weak banking sector, uncertainties regarding effective implementation of reforms, the rating agency noted, but it believes the government will manage to attain substantial primary surpluses this year and next, given measures implemented under external support program. renowned business magazine, at the annual Awards for Excellence presentation last Thursday in London. Emilios Kyriakou, managing director of Citi in Greece and Cyprus, said: “For the second year in a row and the third time in the last six years, Citi Greece is recognized by Euromoney magazine as the best investment bank in the country. This comes at a time when attracting foreign investment and supporting the business world are of utmost importance to pull the country out of recession.” Theodoros Gaitanis, head of Investment banking for Greece and Cyprus, added: “We are very happy that the hard work and integrity that the Citi team offers to its clients is being honored for the second year in a row.” er, the Black Sea and the Aegean Sea, officials said in Sofia yesterday. According to Bulgaria’s Government Information Service (GIS), the rail would connect the Danube port of Ruse with Black Sea’s Varna and Burgas, and, in the Aegean, Thessaloniki, Kavala and Alexandroupoli. Sofia has authorized the country’s minister of transport to sign a relevant memorandum of understanding with the Greek side, the GIS said. The construction of the railway would lead to complete multimodality due to the connection of road, rail, water and river transport, the GIS said. “The project has a high added value and is expected to attract large investors from the Middle East, China, Russia and other major markets,” it said. The idea for this railway was raised last August at a meeting of the prime ministers of Bulgaria, Boyko Borissov, and Greece, Alexis Tsipras.