ECONOMY

Greece rolls over 3-month T-bills, yield steady

greece-rolls-over-3-month-t-bills-yield-steady

Greece sold 1.14 billion euros ($1.26 billion) of three-month T-bills on Wednesday to refinance a maturing issue, keeping its public finances afloat as parliament is expected to convene this week to vote on a new international bailout.

With 1.4 billion euros of six-month paper maturing on August 14, debt agency PDMA sold the new paper at a yield of 2.70 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 262.5 million euros in non-competitive bids. Settlement will be on August 14.

[Reuters]