News Headline Summary

Greece sells EUR 4.062bln of 1-month and 3-month T-bills to roll over EUR 5bln issue maturing Nov. 16th

- Greece sells 13-week bills, bid/cover 1.66, prev. 1.30 (yield 4.20%, prev. 4.24%)

- Greece sells 4-week bills, bid/cover 1.3 (yield 4.0%)

Reaction details (10:41)

- European assets stay within their morning range as the worst-case-scenario is averted for Greece however, there are still significant hurdles for the state to jump with European leaders still to decide when the Greek aid tranche is to materialise.

Analysis details (10:39)

- Bids for another 30% of the nominal are accepted until noon (local time) on November 15th which will take the total up to EUR 5bln and be enough to cover the maturing bills, on Friday 16th November, and buy time to extend negotiations again.

- Greece needed EUR 4.1bln for the redemptions due on Friday 16th November.

13 Nov 2012 - 10:32 - Fixed Income - Source: Newswires

Subscribe Now to RANsquawk

Click here for a 1 week free trial

RANsquawk provides audio news and commentary for over 15,000 professional traders and brokers worldwide. Services include: