It sold 50 million euros of 12-month bills at a yield of minus 0.37pc versus minus 0.39pc at the last auction of such bills in March.

It also sold 55 million of six-month bills at a yield of minus 0.37pc versus minus 0.39pc in April, while the yield for 3-month bills reached minus 0.38pc compared to minus 0.4pc last month.

Total bids amounted to 225 million euros.

The next T-bill auction is due on June 11.

Analysts expect yields to remain negative in the coming months, mainly due to low interest rates set by the European Central Bank.