Greece sold 1.3 billion euros ($1.68 billion) of three-month T-Bills on Tuesday to roll over a previous issue that comes due on March 22, its debt agency (PDMA) said.
The T-bills were priced to yield 4.05 percent, unchanged from a previous Feb. 12 auction. The sale’s bid-cover ratio was 1.66, down from 1.76 in the previous auction.
The amount raised included 300 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]