July 20, 2010 / 9:45 AM / 10 years ago

UPDATE 1-Greece sells T-bills, 13-week yield 4.05 pct

 * Greece raises 1.95 bln euros in 13-week T-bills
 * Yield at 4.05 pct versus 3.65 pct in April auction
 * Bid-cover ratio 3.85 versus 4.61 in previous sale
 (Adds details, comment)
 ATHENS, July 20 (Reuters) - Greece on Tuesday passed its
second borrowing test since an EU/IMF funding deal in May,
selling 1.95 billion euros ($2.53 billion) of 13-week T-bills.
 The auction to roll over maturing paper was covered, but
debt-laden Greece had to pay a higher yield than in a previous
auction held earlier this year.
 PDMA said Tuesday's auction produced a yield of 4.05
percent, up from 3.65 percent in a previous April 20 auction.
The bid-cover ratio was 3.85 versus 4.61 in the April sale.
 "Considering the circumstances, things seem to have gone
quite well," said Jens-Oliver Niklasch, bond analyst at LBBW.
"With the current junk rating on its bonds, it is normal that
Greece had to pay more than in the previous auction," he said.
 Greece's borrowing cost was cheaper than the 5.0 percent the
debt-laden country pays to borrow under the 110 billion euro
loan that the European Union and the International Monetary Fund
put in place to calm a crisis that has shaken the euro zone.
 Greece earlier this month sold 1.625 billion euros of
26-week T-bills at a yield of 4.65 percent. About 90 percent of
the paper was bought by Greek banks, which use Greek debt as
collateral to obtain funds from the European Central Bank.
 PDMA provided the following details:
 AUCTION DATE            July 20             Apr 20
 ISSUE DATE              July 23             Apr 23
 MATURITY                Oct 22              July 16, 2010
 AMOUNT AUCTIONED        1.5 bln             1.5 bln
 TOTAL BIDS              5.777 bln           6.921 bln
 -Competitive            5.232 bln           1.950 bln
 -Non-competitive        545 mln             450 mln
 COVERAGE RATIO          3.85                4.61
 TOTAL ACCEPTED AMOUNT   1.950 bln           2.4 bln
 UNIFORM YIELD           4.05%               3.65%
 CUT-OFF PRICE           98.986              99.085
 CUT-OFF RATIO           26.56%              72.53%
 AUTHORISED AMOUNT       450 mln             
 Source: PDMA
 (Reporting by Lefteris Papadimas; additional reporting by
Renee Maltezou; editing by Stephen Nisbet)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below