ECONOMY

Greece sells 812.5 mln euro 6-month T-bills, yield eases

Greece sold 812.5 million euros ($1.0 billion) of six-month T-bills on Tuesday, with the yield easing slightly from a previous auction in July, the PDMA debt agency said.

The sale’s bid-cover ratio was 2.06, down from 2.16 in the July 10 auction. Greece paid a yield of 4.68 percent, two basis points below the previous auction.

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 strains from the country’s debt crisis.

Tuesday’s auction will fund the rollover of a previous 1.0 billion euro issue that comes due on August 10. [Reuters]