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GREECE T-BILL AUCTION PREVIEW
GREECE T-BILL AUCTION PREVIEW: Greece's Public Debt Management Agency (PDMA)
issue a new 13-week Apr 13, 2018 T-bill for E625mln Wednesday. 
- RV: The secondary market is still very thin however average yield at 13-week
auctions have gradually been falling since July 2017 and this pattern this
likely to continue as Greece looks set to implement fresh reforms which will
clear last obstacle in order to receive latest bailout loan from the EU.
- HISTORY: For comparison at the last 13-week T-bill auction on Dec 13 the PDMA
sold E1.3bln at an average yield of 1.60% and bid-to-cover of 1.87 times. Prior
to that on Dec 6 the PDMA allotted E1.3bln at average yield of 1.75% and cover
of 1.72 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 E1bln. There will be a E1bln T-bill redemption on Jan 12, which is
seen underpinning demand at the auction. 
- TIMING: Results due to be announced at around 1015GMT.

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