ECONOMY

Greece sells 1.3 bln eur of 6-month T-bills

Greece sold 1.3 billion euros ($1.7 billion) of six-month T-bills on Tuesday, with the yield easing by 25 basis points from a previous auction in March.

The sale’s bid-cover ratio was 2.62, down from 2.63 in the March 6 auction. Greece paid a yield of 4.55 percent, down from 4.80 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 April 17. [Reuters]