It sold 36 million euros of 12-month bills at a yield of minus 0.38pc versus minus 0.37pc last month. It also sold 54 million euros of 6-month bills at an unchanged yield of minus 0.37pc. The yield on 3-month bills also kept steady at minus 0.38pc.

Total bids amounted to 281 million euros.

The next T-bill auction is due on July 9.

Analysts said yields are expected to remain negative in the coming months mainly due to the expansive monetary policy of the European Central Bank.