Greece's Public.......>

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.