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

Greece sold 1.3 billion euros ($1.78 billion) of three-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 2.13 percent, down 32 basis points from 2.45 percent in a previous sale in April – the lowest funding cost since January 2010 when the debt agency sold three-month treasury paper at 1.67 percent.

The sale’s bid-cover ratio was 2.80, up from 2.73 in the previous sale.

The amount raised included 300 million euros in non-competitive bids. The settlement date for Tuesday’s auction will be May 16. Athens has a stock of about 15 billion euros of T-bills, which it regularly refinances. [Reuters]