Greece sells 1.3 bln eur 3-month T-bills

Greece sold 1.3 billion euros ($1.64 billion) of three-month T-bills on Tuesday, with the yield slightly easing from a previous auction in May.

The sale’s bid-cover ratio was 2.19, down from 2.32 in the May 15 auction. Greece paid a yield of 4.31 percent, down from 4.34 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 1.6 billion euro issue that falls due on June 22. [Reuters]

Subscribe to our Newsletters

Enter your information below to receive our weekly newsletters with the latest insights, opinion pieces and current events straight to your inbox.

By signing up you are agreeing to our Terms of Service and Privacy Policy.