ECONOMY

Greece sells 1.14 bln euros of 6-month T-bills

Greece sold 1.137 billion euros of six-month T-bills on Tuesday, with the yield easing by 6 basis points from a previous auction in February.

The sale’s bid-cover ratio was 2.63, down from 2.72 in the Feb. 7 auction. Greece paid a yield of 4.80 percent, down from 4.86 percent in the previous auction, the debt agency said.

Monthly T-bill sales are Greece’s sole source of market funding. Greek banks traditionally buy the bulk of the T-bill issues, meaning funding costs do not fully reflect market strains.

Tuesday’s auction will fund the rollover of an issue that falls due on March 9. The settlement date is March 9.

[Reuters]