Croatia T-bill auction misses target

ZAGREB: Croatia sold fewer Treasury bills than targeted at an auction Tuesday, with yields remaining flat, Finance Ministry data showed. The ministry sold 436 million kuna ($65.08 million) worth of bills against the 850 million kuna target.

"Liquidity on the market is generally good, but not distributed equally among the participants. Another reason is that the banks are cautious awaiting the government's solution for the conversion of the local loans denominated in Swiss francs," a dealer at a major local bank said.

No euro-denominated bills were offered this time. Croatia's total Treasury bill debt amounts to 20.2 billion kuna in local currency and 90.7 million euros.

The next auction will be held on Sept. 8.