Slovakia sells EUR 237.1mn T-bills at avg yield of 1.43%.

By bne IntelliNews January 10, 2012
Slovakia sold EUR 237.1mn in 2.5-month T-bills at an average annual yield of 1.43% at an auction on January 9, the finance ministrys Debt and Liquidity Management Agency (ARDAL) said. The auction for the zero-coupon T-bills, which mature on March 28, 2012, attracted bids worth EUR 482.5mn, setting the bid-to-cover ratio at 2.04. Foreign investors placed bids worth EUR 113.5mn, but only EUR 41mn of their bids were approved. The minimum yield of the bids at Mondays auction was 1.25% and the maximum yield was 1.9%. The cut-off price stood at EUR 99.69. The previous T-bill auction of March 28 T-bills on December 19, sold EUR 272.6mn in T-bills at an average yield of 1.8% and a cover ratio of 2.09. Slovakia borrowed nearly EUR 1.3bn in six T-bill auctions and more than EUR 4.5bn in T-bond auctions last year. IntelliNews comment: Slovakia shifted to issuing short-term government papers to refinance its debt following the aggravated debt crisis in the eurozone, which led to poor demand for long-term government bonds since the beginning of November 2011. A new five-year floating-rate bond issue failed in mid-November and a 14-year T-bond auction, originally scheduled for December 12, was cancelled. The facts indicate that Slovakia, one of the newest eurozone members, is already feeling the impact of the eurozone debt crisis, despite the countrys relatively sound macroeconomy. Slovakia will test the debt markets again on January 23, when it has scheduled an auction for a three-year T-bond issue, which sold merely EUR 30mn back in November. The country has to gather funds to redeem two-year T-bonds worth more than EUR 750mn in late-January.

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