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FX poll 2008:

FX poll 2008:

FX moves to centre stage

Securitisation is not dead

Securitisation is not dead

By Michael Heise, chief economist Allianz Group/Dresdner Bank

Wednesday, July 9, 2008

Finance ministry sells T-bills below planned on lower demand.





Finance ministry sells T-bills below planned on lower demand. The finance ministry reported that it sold the total amount of HRK 147mn (EUR 20.3mn) T-bills at the latest auction, which was below the planned amount of HRK 200mn T-bills due to low demand. Investors bid mainly for one-year T-bills, offering HRK 122mn, while the bids for three-month and six-month T-bills were HRK 20mn and HRK 25mn respectively. The average yield on all maturities increased. The yield on one-year T-bills increased by 0.03pps to 5.63%, the yield on three-month T-bills increased by 0.3pps to 4.50% and on six-moth bills rose by 0.1pps to 5.30%. The ministry plans to hold the next auction on Jul 15, when it intends to offer HRK 150mn T-bills. The stock of the short-term government debt after the auction amounted to HRK 12bn. 







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