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]