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GREECE T-BILL AUCTION PREVIEW
GREECE T-BILL AUCTION PREVIEW: Greece's Public Debt Management Agency (PDMA)
launch a new 26-week Feb 2, 2018 T-bill for E625mln Wednesday. 
- BACKGROUND: Short dated Greek bond yields have continued to squeeze lower
during July, supported by the buy-back and issue of a new 5-yr bond. The
mid-yield on the 4.75% Apr 2019 GGB last seen at around 3.27% down from 3.70%
seen at the beginning of July.
- HISTORY: For comparison at the last 26-week T-bill auction on Jul 5 the PDMA
sold E1.625bln at average yield of 2.78% and bid-to-cover of 1.3 times. Prior to
this on Jun 7 auction the PDMA sold E1.625bln at average yield 2.97% and covered
1.3 times. 
- NON-COMP: The PDMA will once again allocate an extra 30% of amount auctioned
in non-comp bids, and a further 30% in second day bids, to bring total amount to
be issued to E2.0bln. There will be a E2.0bln T-bill redemptions on Jul 7, which
is seen underpinning demand at the auction. 
- TIMING: Results due to be announced around 0910GMT.

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