ZAGREB: Croatia sold 354 million kuna ($54.54 million) worth of one-year treasury bills at an auction on Tuesday, with the yield remaining unchanged at 0.09 percent, finance ministry data showed.
The target was originally set at 900 million kuna, while 1.2 billion kuna worth of bills mature this week.
The sale fell short of the target despite very good local liquidity as investors are gearing up for a longer-term issue tentatively planned for next week.
Market participants expect that the finance ministry will tap the market with bonds of three-year and ten-year maturities altogether worth at least six billion kuna.
Non-banking investors bought two thirds of the paper.
Occasionally, the ministry also sells bills with three-month and six-month maturities, as well as those denominated in euros.
Following the auction, Croatia's short-term local currency debt fell to 17.34 billion kuna from 18.19 billion.
Later this week, the ministry will hold another treasury bill auction offering 15-month paper worth 1.0 billion euros.
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