Greece sold an additional 937 million euros ($1.19 billion) of one- and three-month T-bills on Thursday, bringing the proceeds from Tuesday’s auction to the 5 billion euros it needs to pay off maturing paper, the country’s debt agency (PDMA) said.
PDMA had stepped up its T-bill issuance in August to meet a 3.2 billion euro government bond redemption. The bond was held by the European Central Bank (ECB).
Athens got ECB approval to increase its stock of T-bills so it could continue to roll over short-term debt as its international lenders have delayed its next tranche of aid under its bailout programme.
PDMA traditionally accepts non-competitive bids worth up to 30 percent more than the amount it auctions on the same day and another 30 percent two days later.
In Tuesday’s auction, the debt agency raised 4.062 billion euros, selling three-month T-bills at a yield 4.2 percent, down four basis points from a previous October sale. It sold one-month T-bills at a yield of 3.95 percent.
On Thursday it sold 637 million euros more of one-month paper and an additional 300 million euros of three-month T-bills.[Reuters]