Greece sells T-bills, 6-month yield drops to 1.95 pct


Greece sold 2.925 billion euros ($3.46 billion) of six and three-month T-bills on Wednesday to refinance maturing issues, the country’s debt agency PDMA said.

Greece sold 1.625 billion euros of six-month T-bills at a yield of 1.95 percent, down 35 basis points from a previous sale in early November. The amount raised included 375 million euros in non-competitive bids.

The sale’s bid-to-cover ratio was 2.03, up from 1.74 in the previous auction.

The debt agency also sold 1.3 billion euros of three-month paper, priced to yield 1.75 percent.

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 December 8. [Reuters]