Greece sold 1.3 billion euros ($1.45 billion) of three-month T-bills on Wednesday to refinance a maturing issue, keeping its public finances afloat as it heads for a national election on Sept. 20.
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 Greek banks – renew their positions instead of getting paid on the maturing paper they hold.
The sale's bid-to-cover ratio was 1.30, unchanged from the last sale. The amount raised included 300 million euros in non-competitive bids.
Settlement will be on Sept. 11, the same day that 1.6 billion euros of six-month bills mature. [Reuters]