Greece rolls over 3-month T-bills, yield drops to 0.99 pct


Greece sold 813 million euros of three-month treasury bills to refinance a maturing issue, with the yield dropping to a nine-year low, the country’s debt agency PDMA said on Wednesday.

Its debt agency sold the new paper at a yield of 0.99 percent, down from 1.60 percent in a previous sale last month. The amount raised included 187.5 million euros in non-competitive bids.

In a rollover, T-bill holders renew their positions instead of getting paid on the maturing paper they hold.

The sale’s bid-to-cover ratio was 3.44, up from 1.87 in the previous auction. Settlement date is Jan. 12. [Reuters]