Wall Street Journal
January 11, 2011
The European Union's weaker states comfortably sold planned amounts of Treasury bills Tuesday, with Italy and Greece paying only marginally higher yields than previously, while Hungary's funding costs actually dipped.
The smooth outcome of the T-bill tenders, or sales of short-term debt, is good news ahead of Portuguese, Spanish and Italian government bond sales in the next two days, but market participants remain cautious.
The outcome of Tuesday's short-term debt sales only gives a partial indication of how this week's government bond tenders will go because T-bill sales tend to attract more domestic investors, rather than international ones, and there are also different country-specific risks to consider. However, there was more interest than usual from international investors at Tuesday's T-bill sales.
"There was robust interest from overseas investors who accounted for 37% of the final T-bill auctioned amount," said Petros Christodoulou, chief of the Greek Public Debt Management Agency, or PDMA.
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