Most T-bills snapped up by foreign investors

Foreign investors picked up almost two-thirds of Treasury bills Greece sold on Tuesday, charging the government a cheaper interest rate than at the previous auction, according to the Public Debt Management Agency (PDMA).

PDMA said the country raised 390 million euros from the T-bill auction, higher than the originally targeted 300-million-euro amount.

The uniform yield beat market expectations by coming in at 3.85 percent, much lower than at the last 13-week T-bill tender in January, which came in at 4.10 percent.

?We are content with the continuing high level of foreign participation, which was close to two-thirds at this auction,? PDMA chief Petros Christodoulou told Dow Jones. ?We are also happy to again be piercing below the 4 percent interest rate level.?

Demand for the short-term debt exceeded supply by more than five times, PDMA added.