Greece sells 1.138 bln euros of 6-month T-bills, yield steady

Greece sold 1.138 billion euros ($1.50 billion) of six-month T-bills on Tuesday to roll over a maturing issue, the country’s debt agency (PDMA) said.

The T-bills were priced to yield 4.20 percent, unchanged from a previous August auction. The sale’s bid-cover ratio was 1.89, up from 1.77 in the previous sale.

The amount raised included 262.5 million euros in non-competitive bids. The settlement date for Tuesday’s auction will be September 6.

Monthly T-bill sales are Greece’s sole remaining source of market funding. Athens has a stock of about 15 billion euros of T-bills, which it regularly refinances with the help of Greek banks which buy and then deposit them as collateral to draw liquidity from the ECB. [Reuters]