Sunday October 26, 2014 Search
Weather | Athens
19o C
12o 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)  
Nicosia says reforms are bringing results
TAIPED waits for green light from Eurostat
Trade deficit shrinks on big drop in imports
SMEs unable to claim subsidies
Samaras pledges action after flash floods in Athens
Authorities began on Saturday assessing the damage done by flash floods in various parts of Athens a day earlier, with Prime Minister Antonis Samaras pledging that all those affected would b...
No court hearings for civil cases
Greek courts are to stop conducting hearings, which include witness questioning, for civil cases, according to plans drawn up by the Justice Ministry. Kathimerini understands that in a bid t...
Inside News
BASKETBALL
A win is a win is a win for Olympiakos
A bad Olympiakos defeated a worse Laboral Kutxa 63-57 to make it two out of two in the Euroleague on Friday. In a game where the two teams had an overall field goal rate of about one in thre...
SOCCER
Panathinaikos snatches point at Eindhoven
Panathinaikos offered its fans a glimpse of its glorious past in European competitions snatching a draw at PSV Eindhoven, on an otherwise bad night for Greek soccer in the Europa League, as ...
Inside Sports
COMMENTARY
End of reason, end of humanity
The effects of a slew of new and increased taxes introduced since the start of the crisis were first observed in the wages of those still fortunate enough to have jobs, who saw their take-ho...
EDITORIAL
Banks need to step up
What has been leaked so far regarding the results of the stress tests on Greeces lenders, which are due to be published on Sunday, appears positive. Greece needs a healthy, private banking ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Nicosia says reforms are bringing results
2. Samaras pledges action after flash floods in Athens
3. No court hearings for civil cases
4. Greeces lenders seem adamant that govt must act on bailout commitments
5. Future of Attica trash set to become clearer
6. Policeman admits to murder of his cousin-in-law
more news
Today
This Week
1. End of reason, end of humanity
2. Banks need to step up
3. Samaras pledges action after flash floods in Athens
4. Greeces lenders seem adamant that govt must act on bailout commitments
5. Nicosia says reforms are bringing results
6. No court hearings for civil cases
Today
This Week
1. The past, present and future of the Greek debt crisis
2. Greeces closed society is central to its current malaise
3. Greece must stick to reforms, says Schaeuble
4. At least 11 banks to fail European stress tests, three in Greece, report says
5. Cyprus to block Turkey's EU talks after EEZ violation
6. Stop moaning and get in the game
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.