Cyprus sells treasury bills worth €130.7m

The Public Debt Management Office, a division of the Finance Ministry, said that it sold 13-week treasury bills worth €130.7m at an average yield of 0.89%, which is slightly above that of the last auction.

The government, which initially soughtto borrow €75m of 13-week treasury bills, received subscriptions to the issue totalling €143.7m at Monday’s auction, the PDMO said in an emailed statement.

On April 27, the previous time the government auctioned this type of security, it sold a total of €100m at an average yield of 0.84%. The yields of the 13-week treasury bill reached an all-time low at 0.54% on February 1, and started to rise after the government said that it would go for a clean exit from its adjustment programme that expired in March.

Source: Cyprus Mail