ECONOMY

Greece sells 1.3 bln euros of 6-month T-bills, yield down

Greece sold 1.3 billion euros ($ billion) of six-month treasury bills on Tuesday to roll over a maturing issue, the country’s debt agency PDMA said.

The T-bills were priced to yield 4.15 percent, slightly down from 4.20 percent in a September auction. The sale’s bid-cover ratio was 2.04, up from 1.89 in the previous sale.

The amount raised included 300 million euros in non-competitive bids. The settlement date for Tuesday’s auction will be October 11.

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]