Saturday May 30, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greece sells 6-month T-bills at cheapest cost in four years

Greece on Tuesday sold six-month treasury paper at the cheapest borrowing cost since its debt crisis began in early 2010, most of it to foreign buyers.

The sale will act as a fillip to a planned return to longer-term bond markets in the first half of the year after a four-year absence.

The country's debt agency (PDMA) sold 1.3 billion euros ($1.79 billion) of six-month T-bills to refinance a maturing issue at a yield of 3.01 percent, down 59 basis points from a March auction.

It was the lowest funding cost on six-month T-bills since January 2010, when the agency sold similar paper at 1.38 percent.

"There was strong foreign interest, most of the issue went to foreign buyers,» said an agency official who declined to be named, adding that foreigners bought about 80 percent of the issue.

Foreign take-up of treasury issues in the last three months had hovered at around 40 percent.

Greece lost access to bond markets four years ago, when its debt crisis erupted and monthly T-bill sales are its sole source of market funding.

Athens plans to sell about 2 billion euros of five-year bonds, according to government and banking sources - its first foray into bond markets since the first of its two international bailouts in 2010.

Two of the country's top four banks - Piraeus and Alpha - tapped markets successfully last month, raising 3 billion euros of equity between them.

Piraeus was also the first Greek bank to tap bond markets since 2009 last month.

The correction of fiscal imbalances and signs that the country's battered economy is likely to recover from a six-year recession this year have helped drive Greece's 10-year yields to their lowest since its first bailout.

The sale's bid-cover ratio was 3.10, up from 2.31 in the previous sale. The amount raised included 300 million euros in non-competitive bids. The settlement date for Tuesday's auction will be April 11.

[Reuters]

ekathimerini.com , Tuesday April 8, 2014 (20:48)  
Greece locked in talks with creditors as payment clock ticks
Effects of potential Greek default for banks not clear, ECB´s Constancio says
German bonds seen resilient as Greece talks produce false dawns
Checking lists of tax dodgers a slow process
Panaritis appointed Greece´s IMF representative amid SYRIZA complaints
The appointment of economist Elena Panaritis as Greece’s new representative at the International Monetary Fund has prompted criticism from within SYRIZA, as well as from opposition parties. ...
Police confirm two arrested, one dead in raid to catch bank robbery suspects
Police confirmed on Saturday that they have arrested two men in a raid to catch the men suspected of carrying out 400,000-euro robbery last year. A third man died during the operation near V...
Inside News
SOCCER
Wemmer pens three-year deal with Panathinaikos
German defender Jens Wemmer has signed a three-year contract for an undisclosed sum with Panathinaikos, the Greek Super League club announced on Friday. Right-back Wemmer, 29, has been playi...
SOCCER
Panathinaikos conquers PAOK through Tavlaridis goal
A Stathis Tavlaridis goal has brought Panathinaikos to practically within one point from clinching a spot in next season’s Champions League qualifiers, as the Greens made it three out of thr...
Inside Sports
COMMENTARY
Zenobia, Barbara, Christine and the general’s daughter
ATHENS – Lovely Palmyra has fallen to the zombie horde and its people are being slaughtered as the ancient city awaits its fate. It is Friday, May 22, 2015, and from my window I see the end-...
INTERVIEW
The eurozone’s ‘ambiguous’ architecture
“That’s not something you’re supposed to say in public, right?” In his humble way, Thomas Sargent, Nobel Prize winner in Economics, tries to avoid the question posed to him by Kathimerini re...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Greece locked in talks with creditors as payment clock ticks
2. Effects of potential Greek default for banks not clear, ECB´s Constancio says
3. Panaritis appointed Greece´s IMF representative amid SYRIZA complaints
4. Police confirm two arrested, one dead in raid to catch bank robbery suspects
5. German bonds seen resilient as Greece talks produce false dawns
6. Checking lists of tax dodgers a slow process
more news
Today
This Week
1. Traffic accidents down in March
2. Greece open to compromise to seal deal this week, says interior minister
3. German bonds seen resilient as Greece talks produce false dawns
4. Some blame EU Commission for Greek obstinacy in debt talks
5. Police confirm two arrested, one dead in raid to catch bank robbery suspects
6. Panaritis appointed Greece's IMF representative amid SYRIZA complaints
Today
This Week
1. Hotel contracts with a ‘Greek default clause’
2. Some 300 mln left banks on Tuesday
3. Neither Grexit nor a dual currency will solve Greece’s problems
4. No more 'quick and dirty' fixes for Greece
5. Endless confusion and worry
6. Romantic notions meet reality
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.