Sunday November 23, 2014 Search
Weather | Athens
18o 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)  
Fitch keeps Greek rating at B, outlook stable
More cash for banks with same papers
Growth to fuel rise in revenues
Commercial property draws interest from investors
Cyprus on agenda in Biden visit to Istanbul
The prospects for the resumption of stalled peace talks on Cyprus and the issue of energy security were among the matters discussed on Saturday by US Vice President Joe Biden and Turkish gov...
PASOK nixes Papandreou leadership challenge
The junior coalition partner PASOK rejected over the weekend a proposal by the partys former leader and ex-premier George Papandreou for the party to call an emergency congress and a subseq...
Inside News
INTERVIEW
Tokyo hopes to change the world
The 2020 Summer Olympic and Paralympic Games in Tokyo will serve as a springboard for the rebuilding of Japans image and economy following the triple blow of the earthquake, tsunami and nuc...
BASKETBALL
Big win for Greens, tight one for Reds
Panathinaikos scored a crucial as well as emphatic away win at Turow on Thursday that should see it qualify from its tough group to the top 16 of the Euroleague, while Olympiakos saw off vis...
Inside Sports
COMMENTARY
Is Europe paying attention?
Barack Obama brought hope to the entire world when he was elected president of the United States in 2009 and then again in 2012 for a second term. During his first visit to Europe, marked by...
EDITORIAL
A reasonable agreement
Greece cannot and should not allow itself to be left without a safety net to make up for any funding needs that may crop up after the end of the year. Without such protection it would be at ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Cyprus on agenda in Biden visit to Istanbul
2. PASOK nixes Papandreou leadership challenge
3. Troika tests govt nerves as budget rift persists
4. Climate change to hit farming, Greek coastline
5. Piraeus nightclub shooting leaves 3 seriously injured
6. London court to rule on extradition of former judge
more news
Today
This Week
1. PASOK nixes Papandreou leadership challenge
2. Piraeus nightclub shooting leaves 3 seriously injured
3. Climate change to hit farming, Greek coastline
4. Fitch keeps Greek rating at B, outlook stable
5. Cyprus on agenda in Biden visit to Istanbul
6. Troika tests govt nerves as budget rift persists
Today
This Week
1. Double quake on Atalanti fault line rattles Greek capital [Update]
2. Greece and Poland switch roles as young Greeks head to vibrant Eastern European country for better prospects
3. Anti-junta uprising anniversary to be marked amid tight security
4. Biden heads to Istanbul amid tension over Cyprus EEZ violation
5. Carlsberg takes control of Greek brewer Olympic Brewery [Update]
6. Every age has its collaborators
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.