Greece sold 1.138 billion euros ($1.28 billion) of six-month T-bills on Wednesday to refinance a maturing issue, keeping its public finances afloat as it heads for elections on Sept. 20.
With 1.4 billion euros of six-month paper maturing on Sept. 4, 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 262.5 million euros in non-competitive bids. Settlement will be on Sept 4. [Reuters]