Greece sold 4.38 billion euros ($5.67 billion) of one- and six-month treasury bills on Tuesday to roll over maturing issues that come due December 14, its debt agency (PDMA) said.
PDMA sold 2.762 billion euros of one-month T-bills priced to yield 3.99 percent and 1.625 billion of six-month paper at 4.38 percent, three basis points below a previous sale in November.
The six-month auction’s bid-cover ratio was 1.54, down from 1.7 in the November 6 sale.
Greek banks traditionally buy the bulk of T-bill issues, meaning funding costs do not fully reflect the strains from the country’s debt crisis. Banks can deposit the bills as collateral with Greece’s central bank to receive funding. [Reuters]