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GREECE T-BILL AUCTION PREVIEW: Greece's Public Debt Management Agency (PDMA)
issue a new 13-week Sep 7, 2018 T-bill for E625mln and a new 26-week Dec 7, 2018
T-bill for E1.25bln on Wednesday.
- BACKGROUND: Greece's economy grew for fifth consecutive quarter keeping the
country's recovery on track. Next week the government is expected to vote
through final austerity measures.
- HISTORY: For comparison, at the last 13-week T-bill auction on May 9 the PDMA
sold E1.1375bln at average yield of 0.59% and bid-to-cover of 2.18 times. While
at the last 26-week T-bill auction on May 2, the PDMA sold E1.1375bln at average
yield of 0.7% and bid-to-cover of 2.84 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 for the 13-week T-bill to E1.0bln and E2.0bln for the 26-week T-bill.
There will be a E3.6bln T-bill redemption on Jun 8 which is seen underpinning
demand at the auction.
- TIMING: Results due to be announced around 0910GMT.