Lower yield in T-bill auc­tion

Kathimerini English - - Focus -

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.

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