Greek Bill Demand Touches Highest Since 2015 as Stocks Rally
- Bid-to-cover at auction for bills rises to 1.6 from 1.3
- Recent deal with creditors spurring demand, Citigroup says
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Demand for Greek bills rose to the highest level in more than two years at an auction on Wednesday, as stocks in Athens extended their longest gaining streak since 1999, adding to signs that global investors are warming to the nation’s assets.
The bid-to-cover ratio for the 13-week bills was 1.61, the strongest it has been since Alexis Tsipras’s government was elected to office, in January 2015, on a promise to end austerity. With the exception of one auction, every sale of T-bills since February 2015 has seen a bid-to-cover ratio of 1.3. About 25 percent of the offers came from foreign investors, according to a person familiar with the situation, who asked to speak under condition of anonymity as he isn’t authorized to speak publicly.