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Cyprus

Yields continue to rise as government sells €130.7m in 13-week t-bills

The Public Debt Management Office, a division of the Finance Ministry, said that it sold 13-week treasury bills worth €130,7m at an average yield of 0.89 per cent, which is slightly above that of the last auction.

The government, which initially sought to borrow €75m of 13-week treasury bills, received subscriptions to the issue totalling €143.7m at Monday’s auction, the PDMO said in an emailed statement.

On April 27, the previous time the government auctioned this type of security, it sold a total of €100m at an average yield of 0.84 per cent. The yields of the 13-week treasury bill reached an all-time low at 0.54 per cent on February 1, and started to rise after the government said that it would go for a clean exit from its adjustment programme that expired in March.

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