Greece sells 4.38 bln eur T-bills, says debt agency

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]

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