ECONOMY

Greece sells 1.3 bln euros of 3-month T-bills, yield steady

Greece sold 1.3 billion euros ($1.74 billion) of three-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 4.02 percent, unchanged from a previous August auction. The sale’s bid-cover ratio was 1.94, up from 1.87 in the August sale.

The amount raised included 300 million euros in non-competitive bids. The settlement date for Tuesday’s auction will be September 20.

Greece lost access to bond markets three years ago, when its debt crisis erupted, and monthly T-bill sales are its 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]