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16 June, 2024
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New investment frontier opens for citizens

Cyprus treasury bills: Auction yields €25 million success

Panayiotis Rougalas

Panayiotis Rougalas

Citizens now have access to and can invest in bonds issued by the Republic of Cyprus. In a recent auction by the Public Debt Management Office, which essentially caters to the monthly bond requirements, a Cypriot innovative investment platform, Sophic, of Athlos Capital, secured approximately 6 million euros, representing about 25% of the 25 million euros auctioned for 13-week Treasury Bills.

The auction saw offers totaling 58.5 million euros, of which 25 million euros were accepted, with a weighted average yield of 3.85%. Yield rates ranged from 3.74% to 3.95%, as confirmed by the Public Debt Management Office. Notably, all upcoming Cypriot Treasury Bill issuances, including recent additions like U.S. and UK Treasury Bills in dollars and pounds respectively, alongside existing EU, French, and German Treasury Bills, will be available on the platform.

In the final quarter of 2023, a 13-week Treasury Bills auction was conducted, yielding 20 million euros in accepted bids. The weighted average yield for this auction stood at 4%, indicating a slight increase from the previous quarter's 3.9%. The bid-cover ratio decreased to 2.1, compared to the previous quarter's 2.7, while bond issuances for individuals amounted to 7 million euros. Notably, the maturity of Treasury Bills for the same quarter reached 35 million euros, with total bond repayments for individuals, including early settlements, reaching 37 million euros.

To sum up, the Treasury Bills, often referred to as T-Bills, serve as short-term financial instruments exclusively issued by governments or governmental entities such as the European Union, with durations typically ranging from 3 to 12 months.

[This article was translated from its Greek original]

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