€100m in T-bills sold at -0.27%, PDMO says

The government has sold €100m in 13-weeks treasury bills on Friday, 25 May, 2018 at an average yield of minus 0.27%, the lowest ever, the Public Debt Management Office (PDMO), said.

The issue was to 48% oversubscribed with competitive bids amounting at €110m and non-competitive bids at €38m, the PDMO, a branch of the Ministry of Finance said on its website.

In the previous auction on April 30, the average yield was minus 0.26%.

A market participant who spoke on condition of anonymity said that the downward trend in yields is related to the lack of options for Cypriot banks to utilise their liquidity.

Source: Cyprus Mail