CYPRUS: 30-day T-bills oversubscribed

The Public Debt Management Office at the Ministry of Finance received tenders for a total of EUR 296.7 mln during Tuesday’s auction of 30-day treasury bills.
This made the demand for the issue issue of EUR 50 mln oversubscribed by six times.
The PDMO said that the weighted average yield was 0.51%. The accepted yields ranged between 0.49 and 0.54%.
Yields have been successfully coming down, after a EUR 50 mln auction in September was oversubscribed just under three times and the PDMO had accepted yields ranged between 1.10% and 1.42% for a weighted average yield of 1.31%.
Just last week, the government sold EUR 100 mln worth of 13-week Treasury Bills with bids six times oversubscribed, pushing yields further down to 1.17%.
This follows last month’s successful return to the bond markets when Cyprus raised EUR 1 bln from a 10-year Eurobond (EMTN) with a yield of 4.25%. This was the government’s third attempt since 2011 when it was shut out of markets due to the economy’s spiralling contraction that prompted a EUR 10 bln bailout rescue by the Troika of international lenders (ERC, ECB, IMF).