LONDON (MNI) – Greece is planning to sell E1.5 billion in 13-week
T-Bills on Tuesday July 20, the Public Debt Management Agency (PDMA)
said in an emailed statement Friday.
The auction follows last week’s sale of 26-week T-bills for a total
of E1.625 billion at an average yield 4.65%, with a cover ratio of 3.64
times.
The amount sold was more than the E1.25 billion originally
indicated by the debt agency, with strong participation seen from
foreign accounts, PDMA chief Petros Christodoulou told Market News
International following the T-bill sale.
The T-bill sales come as the Hellenic Republic has to repay E1.95
billion in two payments due 16 July and a single payment of E2.4bln due
on 23 July. In addition, the T-bill sales are also seen helping Greek
banks with their liquidity management.
Whilst the EU-IMF’s E110 billion emergency funding programme was
designed to cover Greece’s financing needs until the end of Q1 2012, it
was also due to act as a shield and help Greece amke a full return to
markets as soon as possible, which is likely to be in 2011.
–London newsroom: 00 44 20 7862 7494; email: nshamim@marketnews.com
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