Investors took €100m of 13 week Cypriot paper at an average yield of 1.66%, a drop of 28bp from the last sale of the tenor on August 31. Demand was also healthy, with €412m of orders placed at the sale.
Cyprus’s three month yield has almost halved since the first auction of the tenor this year. That auction, on February 3, scored an average rate of 3.11%.
Greece will offer €875m of 26 week bills via an auction on October 7, the country’s debt office announced on Friday. Every sale of the tenor by Greece since March 4 — a total of seven auctions —has recorded a yield of 2.97%.
