Greece will auction 1 billion euros of three-month T-bills on September 18 to fund the rollover of a previous 1.6 billion euro issue that comes due on September 21, the country’s debt agency PDMA said on Friday.
The settlement date will be Sept. 21. Only primary dealers will be allowed to participate and no commission will be paid.
Monthly T-bill sales are Greece’s sole source of market funding. Greek banks buy the bulk of them to deposit them as collateral to draw liquidity from the European Central Bank. [Reuters]