Low demand for Cyprus 26 week T-bill; average yield 2.52%, up 50 bps

The average yield in a sale of 26-week Cyprus treasury bills jumped 50 basis points to 2.52% on Monday from the previous auction on December 15, with demand low, finance ministry data showed.
The Ministry of Finance said it sold 116 mln euros worth of government paper, with yields ranging from 2.30 to 2.55%.
The ministry had sought to sell 300 mln euros of bills but got bids for just 171 mln worth.
The ministry also sold 165 mln in 39-week bills yielding 2.80%. Yields on the bids accepted ranged from 2.75 to 2.85%.
Cyprus's last 39-week sale was in October 2009, which yielded 3.50%.
The public debt management office did not accept any bids for a third auction, of 13 week treasury bills worth 300 mln euros.