Greece sells 1.3bln of 3-month T-bills, yield falls slightly
Greece sold 1.3 billion euros of three-month Treasury bills on Tuesday, with the yield slightly falling from a previous auction in November, debt agency PDMA said.
The sale’s bid-cover ratio was 1.73, up from 1.66 in the Nov. 13 auction. The yield was 4.11 percent, down from 4.2 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.
[Reuters]
