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On Wednesday Dec......>

GREECE T-BILL AUCTION PREVIEW: On Wednesday Dec 12, Greece sell E0.625bln of
12-month Dec 13, 2019 bills.
- HISTORY: The last sale of 12-month bills was on Sep 12, at which E0.625bln was
auctioned (total E0.8125bln accepted), at yield of 1.09% and cover of 1.44x.
- RV/BACKGROUND: Greek 12-month yields have drifted lower since last quarter`s
auction, alongside a downward repricing of ECB monetary tightening expectations.
Current yield on the Sep 13, 2019 bill is 1.009%, down 9bps from its auction
yield. There is currently only a 68% implied probability of a 10bps ECB rate
hike by end-2019, compared with a fully-priced hike seen a month ago.
- CASH FLOWS: There are no Greek bill redemptions this week.
- TIMING: Results will be due shortly after the auction has closed, around

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