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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 Aug 3, 2018 T-bill for E625mln Wednesday. 
- BACKGROUND: Yield on Greek T-bills have gradually been falling over the past
few months and this is likely to continue at today's auction.
- HISTORY: For comparison at the last 26-week T-bill auction on Jan 3 the PDMA
sold E1.625bln at average yield of 1.65% and bid-to-cover of 1.77 times. Prior
to this on Dec 6 auction the PDMA sold E1.625bln at average yield 1.95% and
covered 2.03 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 E1.0bln. There will be a E1.0bln T-bill redemptions on Feb 2, which
is seen underpinning demand at the auction. 
- TIMING: Results due to be announced around 1010GMT.

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