Government sells €100m in 13-week treasury bills

The government sold a total of €100m in 13-week treasury bills at an auction with an average yield of 0.61%, slightly below the previous auction, the Public Debt Management Office said.

The issue was oversubscribed by more than 72%, the PDMO, a division of the Finance Ministry, said in an emailed statement on Monday.

On August 1, an auction of this type of security helped the government sell €100m at an average yield of 0.63%, compared to 0.72% on July 4.

The PDMO said on Wednesday that it received offers from commercial banks to deposit €430m in government funds after the government issued a €1bn 7-year bond at an average yield of 3.8% on July 20.

On June 30, the government had a total of €976.4m deposited at the Central Bank of Cyprus at an annual interest rate of -0.4%, according to the supervisory authority’s website.

Source: Cyprus Mail