Cyprus Mail

Government borrows €100m at a historic low yield of 0.47%

The government’s borrowing cost dropped considerably in today’s 13-week treasury bills auction in which the government successfully tapped a total of €100m at an average yield of 0.47 per cent, a historical low, the finance ministry said.

The drop in yields of the current security issue, which was more than three times oversubscribed, is likely to reflect the improved liquidity in the economy shown by recent Central Bank of Cyprus figures.

The previous time the government issued this type of security was on September 2, when the government borrowed €100m at an average yield of 61 per cent. The previous low was at the January 4, auction and was 1 basis point above today’s average yield.

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