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Sovereign wealth funds on euromoney.com

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Tuesday, April 15, 2008

Finance ministry sells PLN 4.7bn T-bills, demand at PLN 8.8bn.





Finance ministry sells PLN 4.7bn T-bills, demand at PLN 8.8bn. The finance ministry sold 52-week Treasury bills worth PLN 3,134.2mn vs. the offer of 3,000.0mn, 26-week notes worth PLN 1,004.7mn vs. the offer of PLN 1,000.0mn, as well as 13-week notes worth PLN 572.5mn vs. the offer of PLN 500.0mn, at an auction on Monday. Demand for the 52-week T-bills was PLN 6,053.1mn, and the minimum price was PLN 9390.87, with the average yield at 6.380%. In the case of the 26-week bills, demand was PLN 1,724.2mn, the average yield 6.220% and the minimum price - 9691.57. As for the 13-week bills, demand was PLN 1,022.7mn, the average yield 6.061% and the minimum price - 9848.39. Earlier, the ministry planned to conduct one auction of T-bills this month, offering 52-week papers worth of a total of PLN 2.0-3.0bn. However, last week, it sold PLN 2,837mn worth of 2-day Treasury bills from the offer of PLN 2,800mn at an auction. Investors' demand reached a total of PLN 11,782mn. The ministry earlier explained that it the additional auction was held "for purposes of budget liquidity management." In March, the ministry sold one year notes worth of PLN 1.4mn, i.e. the whole offer and PLN 0.7bn in 5-week notes (also the whole offer). ISB


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