Greece sold 1.3 billion euros of three-month T-bills on Tuesday, with the yield easing from a previous auction in August, the country’s debt agency said.
The sale’s bid-cover ratio was 1.98, up from 1.36 in the Aug 14 auction. Greece paid a yield of 4.31 percent, 12 basis points less than in the previous auction. The sum raised includes 300 million euros in non-competitive bids.
Monthly T-bill sales are Greece’s sole source of market funding. The bulk of T-bill issues are traditionally taken up by Greek banks, meaning that funding costs do not fully reflect strains from the country’s debt crisis. [Reuters]