Greece sold 1.137 billion euros ($1.57 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 3.60 percent, down from 4.0 percent in a February auction. The sale’s bid-cover ratio was 2.31, unchanged from the previous sale.
The amount raised included 262.5 million euros in non-competitive bids. The settlement date for Tuesday’s auction will be March 7.
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]