Greece to sell 1.25 bln euros of T-bills on Tuesday

Greece will auction 1.25 billion euros ($1.61 billion) of six-month T-bills on July 9 to refinance a maturing issue, the country’s debt agency PDMA said on Friday.

The settlement date will be July 12. Only primary dealers will be allowed to participate and no commission will be paid.

Monthly T-bill sales are Greece’s sole remaining source of market funding. Greek banks buy the bulk of the issues and deposit them as collateral to draw liquidity from the central bank.