Financial Times
March 8, 2011
Greece has raised €1.62bn at an auction of six-month treasury bills but had to pay a higher premium after its bonds were downgraded three notches by Moody’s on Monday.
The country’s debt management agency (PDMA) paid an additional 11 basis points in yields over last month’s issue of six-month paper.
The two previous auctions of T-bills in January and February both saw a fall in yields.
Athens sold the bills on Tuesday at a yield of 4.75 per cent compared with 4.64 per cent in February. Foreign investors bought 31 per cent of the issue.
PDMA said the bid-cover ratio was 3.59, compared with 4.54 in last month’s auction.
“Given the circumstances, the downgrade and the uncertainty in the eurozone, it went quite well,” said Petros Christodoulou, Greece’s debt manager.
“The participation by foreign investors matched the long-term average for six-month bills,” he said.
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