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GREECE T-BILL AUCTION PREVIEW: Greece's Public Debt Management Agency (PDMA)
issue a new 13-week Mar 16, 2018 T-bill for E1bln Wednesday.
- RV: Mid-yield on the Greek 4.375% Aug 2022 bond has fallen further since the
start of December and currently sits at 3.5% as confidence in Greece continues
- HISTORY: For comparison at the last 13-week T-bill auction on Dec 6 the PDMA
sold E1.3bln at an average yield of 1.75% and bid-to-cover of 1.72 times. Prior
to that on Nov 11 the PDMA allotted E1.1375bln at average yield of 1.80% and
cover of 1.81 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 E1.6bln. There will be a E1.6bln T-bill redemption on Dec 15, which
is seen underpinning demand at the auction.
- TIMING: Results due to be announced at around 1015GMT