After reaching an all-time record low on 17 January, the average yield for treasury bills of these maturities had subsequently risen through to the last one, in September.

According to the IGCP website, €650 million in 12-month bills were on Wednesday placed at an average yield of -0.327%, against -0.270% on 19 September, when €1 billion had been placed. In January the average yield was -0.398%, as €1.25 billion in 12-month bills were placed.

Also on Wednesday, €350 million in six-month bills were placed at an average yield of -0.369%, against -0.317% on 19 September, when €400 million were placed. In January, the yield was -0.425%, with €500 million in bills placed.

Demand in the two auctions was €1.717 billion for the 12-month bills, or 2.64 times the amount placed, and €920 million for the six-month bills, or 2.63 times supply.

In a statement last week the IGCP announced that it would hold two auctions, of treasury bills maturing in May of 2019 and in November of 2019, for a total planned amount between €1.25 billion and €1.5 billion.