Greek T-bill auction expected to raise €1 bln

The Public Debt Management Agency auctioned off 26-week treasury bills on Tuesday at a record low interest rate, with high demand leading to reduced costs and increased takings.

The PDMA issue of 625 million euros eventually drew €812.5 million, and that is expected to reach €1 billion when non-competitive bids up to 30% of the amount initially auctioned are added up.

The T-bills secured a negative interest rate of 0.41%, compared to -0.39% in the previous such auctions on September 29.

The issue was 1.83 times oversubscribed (as total bids amounted to €1.144 billion), up from 1.54 times on September 29.

The settlement date is this Friday.