ECONOMY

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

Greece sold 1.3 billion euros 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, unchanged from an October auction. The sale’s bid-cover ratio was 1.86 down from 2.04 in the previous sale. The amount raised included 300 million euros in non-competitive bids. The settlement date for Tuesday’s auction will be November 8.

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]