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

GREECE T-BILL AUCTION PREVIEW: Greece's Public Debt Management Agency (PDMA)

launch a new 26-week Aug 31, 2018 T-bill for E875mln Wednesday. 

- BACKGROUND: Average yield on Greek T-bills actions have gradually fallen over

the past few months but appear to hit a resistance level of around 1.00% for

now.

- HISTORY: For comparison at the last 26-week T-bill auction on Jan 31 the PDMA

sold E812.5mln at average yield of 1.13% and bid-to-cover of 2.24 times. Prior

to this on Jan 3 auction the PDMA sold E1.625bln at average yield 1.65% and

covered 1.77 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 E1.4bln. There will be a E1.4bln T-bill redemptions on Mar 2, which

is seen underpinning demand at the auction.