ECONOMY

Greece sells 1.625 bln euros of 3-month T-bills, yield down

Greece sold 1.625 billion euros ($1.99 billion) of 3-month T-bills on Tuesday, with the yield slightly falling from a previous auction in June, the PDMA debt agency said.

The sale’s bid-cover ratio was 2.12, down from 2.19 in the June 19 auction. Greece paid a yield of 4.28 percent, down from 4.31 percent in the previous auction, PDMA 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. [Reuters]