Greece will auction 1.25 billion euros ($1.69 billion) of three-month T-bills on October 15 to refinance a maturing issue, the country’s debt agency PDMA said on Friday.
Monthly T-bill sales are Greece’s sole remaining source of market funding. The settlement date will be October 18. Only primary dealers will be allowed to participate and no commission will be paid.
Athens has a stock of about 15 billion euros of T-bills that it regularly refinances with the help of crisis-struck banks, which buy and then deposit them as collateral to draw liquidity from the ECB.