Cyprus Mail

Yields drop to historic low, as PDMO sells €100m in 13-week T-bills

The government sold a total of €100m in 13-week treasury bills at an average yield of 0.31 per cent, which is a new historic low, the second in a month, the Public Debt Management Office said.

The issue, the first since Fitch Rating upgraded Cyprus’s sovereign credit rating to BB- on October 21, and only five days after Finance Minister Harris Georgiades was cautioned by the European Commission over fiscal relaxation, was more than three times oversubscribed, the PDMO, a division of the finance ministry, said in an emailed statement on Monday.

The previous time the government issued this type of security, it tapped €100m at an average yield of 0.47 per cent.

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