The government sold a total of €100m in 13-week treasury bills at an average yield of 0.31%, which is a new historic low, the second in a month, the Public Debt Management Office said.
The issue, the first since Fitch Rating upgraded Cyprus’ sovereign credit rating to BB- on October 21, 2016, and only five days after Finance Minister Harris Georgiades was cautioned by the European Commission over fiscal relaxation, was more thanthree times oversubscribed, the PDMO, a division of the finance ministry, said in an emailed statement recently.
The previous time the government issued this type of security, it tapped €100m at an average yield of 0.47%.
Source: Cyprus Mail
