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GREECE T-BILL AUCTION PREVIEW: Greece's Public Debt Management Agency (PDMA)
issue a new 13-week Mar 9, 2018 T-bill for E1bln and a new 26-week Jun 8, 2018
T-bill for E1.25bln on Wednesday.
- BACKGROUND: On Monday, Eurogroup President, Dijsselbloem said that the
institutions have reached a staff level agreement on policy conditionality for
Greece's third review, which led to sharp fall in Greek 10-yr yield.
- HISTORY: For comparison, at the last 13-week T-bill auction on Nov 8 the PDMA
sold E1.1375bln at average yield of 1.80% and bid-to-cover of 1.81 times. While
at the last 26-week T-bill auction on Nov 1, the PDMA sold E1.1375bln at average
yield of 2.30% and bid-to-cover of 1.74 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 E1.4bln and E2.0bln for the 26-week T-bill.
There will be a E3.6bln T-bill redemption on Dec 8 which is seen underpinning
demand at the auction.
- TIMING: Results due to be announced around 1010GMT.