Greece sells three-month T-bills, yield drops to 1.95 pct


Greece sold 1.138 billion euros ($1.34 billion) of three-month T-bills on Wednesday to refinance maturing issues, the country's debt agency PDMA said.

The three-month paper was sold at a yield of 1.95 percent, down from 2.33 in a previous sale last month. The amount raised included 262.5 million euros in non-competitive bids.

The sale's bid-to-cover ratio was 2.17, up from 1.85 in the previous sale.

In a rollover T-bill holders renew their positions instead of getting paid on the maturing paper they hold. The settlement date of the new bills is August 11. [Reuters]