ECONOMY

Greece successfully rolls over 6-month T-bills, yield steady

greece-successfully-rolls-over-6-month-t-bills-yield-steady

Greece sold 813 million euros ($882.5 million) of six-month T-bills on Wednesday to refinance a maturing issue, keeping its public finances afloat as it negotiates with its international creditors on a new bailout.

With 1.0 billion euros of six-month paper maturing on August 7, debt agency PDMA sold the new paper at a yield of 2.97 percent, unchanged from a previous sale last month.

In the rollover, T-bill holders – mostly banks – renew their positions instead of getting paid on the maturing paper they hold.

The sale's bid-cover ratio was 1.30, unchanged from the last sale. The amount raised included 187.5 million euros in non-competitive bids. Settlement will be on August 7.

Athens will have to roll over another 1.4 billion euros of three-month T-bills maturing on August 14.

[Reuters]