The Greek government will hold an auction of three-month treasury bills (T-bills) on Tuesday, December 31, 2024, according to an announcement by the Public Debt Management Agency (PDMA).
The auction aims to raise €500 million and marks the country’s return to the financial markets just before the New Year.
The 13-week T-bills, issued in dematerialised form, will mature on April 4, 2025.
Alongside the auction, individual investors will have the opportunity to purchase these securities through public subscription at any bank or brokerage firm.
The maximum nominal value available per individual investor is €15,000.
The allocation price for these purchases will align with the cut-off price determined during the auction.
The total volume of securities distributed through public subscription will be disclosed after the process concludes.
Settlement for the auctioned securities is scheduled for Friday, January 2, 2025.
Interest on the T-bills will be calculated on an ACT/360 basis. This refers to the number of days between the start and end of the investment period, and how this will be used in the calculation.
In this instance, the calculation will assume that there are 360 days in the applicable year, regardless of the actual number of days.
Moreover, competitive bidding will be conducted by the Primary Dealers of the Electronic Secondary Securities Market, adhering to the applicable operational regulations.
Non-competitive bids may also be submitted on the auction day until 12:00 p.m., offering participants an additional allocation option. Such bids will be fulfilled at the cut-off price, up to 20 per cent of the auctioned amount.
