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Lusa - Business News - Portugal: Debt agency places €1.75bn in treasury bills at lowest-ever yields

Lisbon, Jan. 17 (Lusa) - Portugal on Wednesday placed with investors €1.750 billion in six- and 12-month treasury bills at the lowest average yields ever recorded for those maturities.
As with the previous auction, the yields were negative.
According to the IGCP, the public debt management agency, €1.25 billion in 12-month bills were placed at an average yield of -0.398%, compared with a -0.349% yield for the last auction of 12-month bills, on 15 November, when €1.1 billion was placed.
At the same time, €500 million in six-month bills were placed at an average yield of -0.425%, compared with a yield of -0.4% for the €400 million in six-month bills in the November auction.
Demand this time for the 12-month bills was 1.7 times the amount on offer, at €2.130 billion, while demand for the six-month bills was 2.19 times supply, at €1.095 billion.
Last week the IGCP had announced that it was planning for Wednesday an auction of between €1.5 billion and €1.75 billion in bills.
This was the first time the agency had come to the market in 2018. In the first quarter, it is expected to organise another two double auctions of treasury bills – one in February and another in March – to raise another €2.750 billion in all.
The director of asset management at Banco Carregosa, Filipe Silva, noted that “once more, Portugal managed to place the amount it intended … with another decline in yields, which mark a new all-time minimum.” He described this as “excellent news, because this means a reduction in the country’s cost of financing” public spending.


Agency : LUSA

Date : 2018-01-18 08:51:51


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