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

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

issue a new 13-week Nov 9, 2018 T-bill for E625mln Wednesday. 

- RV/BACKGROUND: Demand has dropped at the last couple of Greek T-bill auctions,

however this could change as on Monday the ESM transferred to Greece the fifth

and final bailout tranche for E15bln and leaves the country with a cash buffer

of around E24bln, covering its financing needs for around 22-months. 

- HISTORY: For comparison at the last 13-week T-bill auction on Jul 11 the PDMA

sold E812.5mln at an average yield of 0.65% and bid-to-cover of 1.54 times.

Prior to that on Jun 6 the PDMA allotted E812.5mln at average yield of 0.70% and

cover of 2.16 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 Jul 13, which is

seen underpinning demand at the auction. 

- TIMING: Results due to be announced at around 0915GMT.