Greece sells 1.3 bln euros of 6-month T-bills, yield falls

Greece sold 1.3 billion euros of six-month Treasury bills on Tuesday, with the yield slightly falling from a previous auction in October, debt agency PDMA said.

The sale’s bid-cover ratio was 1.70, up from 1.60 in the Oct. 9 auction. The yield was 4.41 percent, down from 4.46 percent a month ago.

Monthly T-bill sales are Greece’s sole source of market funding to roll over previous debt issues. Greek banks traditionally buy the bulk of the T-bill issues, meaning funding costs do not fully reflect strains on the economy from the country’s debt crisis.