Public debt agency places €750M in 11-month bills; yield goes positive
According to te IGCP's page on Bloomberg, €750 million of BTs maturing on September 22, 2023 were placed at an average yield of 2.104%, up from the -0.314% yield on April 20.
Portugal on Wednesday placed €750 million of 11-month Treasury Bills (BT) with investors – the maximum amount indicated in the auction – at a higher average yield than in the previous comparable operation, the public debt management agency, the IGCP, announced.
According to te IGCP’s page on Bloomberg, €750 million of BTs maturing on September 22, 2023 were placed at an average yield of 2.104%, up from the -0.314% yield on April 20, when €800 million were placed.
Demand for Wednesday’s 11-month BTs was strong, at €1.307 billion, or 1.74 times the amount eventually placed.
IGCP had announced the holding of an 11-month BT auction, with an overall indicative amount of between €500 million and €750 million.
More recently, on 21 September, Portugal placed €1.250 billion in six- and 12-month BTs – the maximum amount indicated for that operation – with positive and higher average yields for both maturities.
In that auction, €810 million in BTs maturing on September 22, 2023 (that is, 12-month bills) were placed at an average yield of 1.916%, up from the 0.236% recorded on May 18, the last comparable auction, when €875 million in BTs were placed. Demand for these 12-month BTs totalled €1.258 billion, or 1.55 times the amount placed.
The six-month BTs placed on September 21 raised €440 million, with an average yield of 1.291%, up from the -0.179% verified on May 18, when €625 million of six-month bills were also placed. Demand this time was €1.284 billion, or 2.92 times the amount placed.