Greece sells 812 mln euros of T-bills, yield eases

Greece sold 812.5 million euros of six-month T-bills on Tuesday to roll over a previous issue taht comes due on Feb. 8, its debt agency (PDMA) said.

The T-bills were priced to yield 4.27 percent, three basis points below a previous Jan. 8 auction. The sale’s bid-cover ratio was 1.68, up from 1.62 in the previous auction.

The amount raised included 187.5 million euros in non-competitive bids.

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]