Greece sold 1.3 billion euros ($1.69 billion) of six-month T-bills on Tuesday to roll over a previous issue that comes due on April 12, its debt agency (PDMA) said.
The T-bills were priced to yield 4.25 percent, unchanged from a previous March 5 auction. The sale’s bid-cover ratio was 1.6, down from 1.64 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]