ZAGREB: Croatia raised 1.68 billion kuna ($293 million), strongly beating the target, and a somewhat lower-than-planned 15 million euros ($20 million) in treasury bill auctions on Tuesday.
The finance ministry said the auctions attracted bids worth 1.78 billion kuna and 36.8 million euros.
The original offer was 1.0 billion kuna and 20 million euros of paper on offer, while 938 million kuna and 13 million euros worth of bills mature later this week. The yields on the three-month, six-month and one-year kuna debt remained unchanged at 1.0 percent, 1.70 percent and 2.55 percent, respectively.
The three-month euro-denominated bills were flat at 0.55 percent while yields on the one-year paper fell five basis points to 1.15 percent.
The vast majority of bills was soaked up by banking investors given the shortage of other low-risk investment instruments in the European Union's newest member state. The benchmark overnight rate on the local money market was quoted at 0.63 percent on Tuesday, while the one-year rate stood at 2.77 percent..
Croatia's short-term debt in kuna rose to 19.1 billion kuna from 18.7 billion, while its euro-denominated obligations inched up to 420.3 million euros from 418 million. The new debt levels take into account the debt maturing this week.
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