By Stelios Orphanides
The government has sold €100m in 13-weeks treasury bills on Friday at an average yield of minus 0.27 per cent, the lowest ever, the Public Debt Management Office (PDMO), said.
The issue was to 48 per cent oversubscribed with competitive bids amounting at €110m and non-competitive bids at €38m, the PDMO, a branch of the Ministry of Finance said on its website.
In the previous auction on April 30, the average yield was minus 0.26 per cent.
A market participant who spoke on condition of anonymity said that the downward trend in yields is related to the lack of options for Cypriot banks to utilise their liquidity.