BUSINESS

Greece sells 1.625 bln euros of 3-month T-bills, yield drops

Greece sold 1.625 billion euros ($2.21 billion) of three-month treasury bills on Tuesday to roll over a maturing issue, the country's debt agency PDMA said.

The T-bills were priced to yield 1.75 percent, down five basis points from 1.80 percent in a previous sale in June - the lowest funding cost since January 2010 when the debt agency sold three-month treasury paper at 1.67 percent.

The sale's bid-cover ratio was 2.35, down from 2.99 in the previous sale.

The amount raised included 375 million euros in non-competitive bids. The settlement date for Tuesday's auction will be July 18. Athens has a stock of about 15 billion euros of T-bills, which it regularly refinances. [Reuters]

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