Greece sells 1.625 bln euros of 3-month T-Bills, yield steady

Greece sold 1.625 billion euros ($2.12 billion) of three-month T-bills on Tuesday to roll over a previous issue that comes due on April 19, its debt agency (PDMA) said.

The T-bills were priced to yield 4.05 percent, unchanged from a previous March 19 auction. The sale’s bid-cover ratio was 1.65, down from 1.66 in the previous auction.

The amount raised included 375 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 the central bank to receive funding. [Reuters]