According to a report released this week by the Public Debt Management Office, during the 13-week Treasury Bills auction held on May 22, offers totalling €25 million were accepted, with a weighted average yield of 3.43 per cent. This marks an increase from the 3.33 per cent yield observed in the previous month’s issuance, further aligning with the European Central Bank’s main refinancing rate of 3.75 per cent. Demand remained strong, with bids reaching €90 million compared to €99 million in the April issuance.

Moreover, according to the Public Debt Management Office, the accepted yields ranged between 3.32 per cent and 3.35 per cent.

In comparison to the beginning of the year, the yields of the Treasury Bills have seen an increase of 73 basis points, and they have been on an upward trajectory since June 2022. Treasury Bills are short-term debt instruments and serve as one of the domestic financing tools of the Republic of Cyprus. They are typically renewed by domestic investors, primarily insurance companies and banks.

Source: Cyprus Mail