Thursday December 18, 2014 Search
Weather | Athens
17o C
10o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greece sells 3-month T-bills at cheapest cost since early 2010

Greece on Tuesday sold 3-month treasury paper at the cheapest borrowing cost since its debt crisis escalated in early 2010, with foreign investors buying up half of the issue.

The country's debt agency, PDMA, sold 1.3 billion euros ($1.81 billion) of three-month T-bills to refinance a maturing issue at a yield of 3.10 percent, down 50 basis points from a February auction.

It was the lowest funding cost on 3-month T-bills since January 2010, when the agency sold similar paper at 1.67 percent, a PDMA official said.

"There has been rising foreign interest in the last auctions," the official said. "Foreign take-up of treasury issues in the last three months has hovered around 40 percent."

Greece lost access to bond markets three years ago, when its debt crisis erupted. Monthly T-bill sales are its sole source of market funding. The government is eyeing a return to bond markets in the second half of this year.

Piraeus Bank will become on Tuesday the first Greek lender to tap bond markets since 2009.

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 2.38, unchanged from the previous sale. The amount raised included 300 million euros in non-competitive bids. The settlement date for Tuesday's auction will be March 21.

Athens has a stock of about 15 billion euros of T-bills, which it regularly refinances with the help of Greek banks, which buy and then deposit them as collateral to draw liquidity from the ECB. [Reuters]

ekathimerini.com , Tuesday March 18, 2014 (13:55)  
Bumpy ride, but stocks end higher
German parliament supports extending Greece bailout
Greek bond yields fall after ´friendly´ Schaeuble comments
No risk of contagion from Greek vote, Italy´s FinMin says
SYRIZA rules out political consensus before polls
Leftist SYRIZA leader Alexis Tsipras on Thursday categorically ruled out any kind of consensus with other political parties before elections. “We are prepared at this historic moment to lead...
University transfers in doubt after process canceled at two departments
The transfer of thousands of university students between institutions has been put in fresh doubt after the Council of State suspended the process at the architecture departments of Athens a...
Inside News
BASKETBALL
Pappas helps Greens overcome Aris
An impressive Nikos Pappas averted an upset by Aris and ensured Panathinaikos retained its perfect record on Tuesday, one day after Olympiakos thrashed Panionios at Nea Smyrni for the Basket...
´Wee Jay´ and idol Georgios Samaras receive Greek sports journalists´ award at Athens gala
A 10-year-old Irish fan of Greek striker Georgios Samaras was in Athens on Monday at the invitation of the Greek Sports Journalists' Association, which honored outstanding achievements in sp...
Inside Sports
COMMENTARY
New weapons of diplomacy
Hollywood screenwriters couldn’t make it up: That Sony, one of the world’s biggest film producers, would be forced to pull a comedy about the assassination of North Korea’s dictator after a ...
COMMENTARY
Europe´s drama in Greece needs final act to avoid tragedy
Judging from Wednesday's vote in the Greek parliament, Prime Minister Antonis Samaras may not get the mandate he wants to keep economic austerity measures in place and avoid defaulting on th...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. SYRIZA rules out political consensus before polls
2. University transfers in doubt after process canceled at two departments
3. Ex-ministers join forces to launch reform drive
4. Bumpy ride, but stocks end higher
5. Suspected migrant trafficker caught in northern Greece
6. Probe into Thessaloniki municipal corruption targets accountants
more news
Today
This Week
1. Europe's drama in Greece needs final act to avoid tragedy
2. Election looms as Samaras fails to win vote for president
3. Kammenos maintains firm position, says general election is 'one-way street'
4. What SYRIZA says about Greece’s economy, its debt and the euro
5. Merkel says Russia sanctions to remain unless Putin yields; Greece's prospects 'better than two years ago'
6. Snap elections would lead to euro exit, says former premier
Today
This Week
1. Juncker warns Greeks against voting 'extreme forces' into power
2. Romanos and the dilemma
3. Samaras summons bond vigilantes with euro exit talk
4. A friendly yet firm message from Pierre Moscovici
5. East Europe scrambles for energy after Putin kills South Stream
6. Anarchist Nikos Romanos ends hunger strike
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.