Greek yield eases at 3-month T-bill sale

Greece sold 1.625 billion euros ($2.12 billion) of three-month T-bills on Tuesday, with the yield easing by 5 basis points from a previous auction in March.

The sale’s bid-cover ratio was 2.46, down from 2.69 in the March 20 auction. Greece paid a yield of 4.20 percent, down from 4.25 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 a previous 2-billion-euro issue that matures on April 20. [Reuters]