Greece raises 1.3 billion euros in T-bill auction, yield steady

Greece raised 1.3 billion euros in an auction of three-month T-bills on Tuesday to refinance a maturing issue, the country’s debt agency PDMA said.

The T-bills were price to yield 4.02 percent, unchanged from auctions in June and July.

The sale’s bid-cover ratio was 1.87, up from 1.70 in the previous month’s sale.

Monthly T-bill sales are Greece’s sole remaining source of market funding. The settlement date will be August 16.

Athens has a stock of about 15 billion euros of T-bills, which it regularly refinances with the help of crisis-struck banks which buy and then deposit them as collateral to draw liquidity from the ECB.