Greece sells 813 mln euros of 13-week T-bills, yield drops to 1.85 pct


Greece sold 813 million euros ($960.8 million) 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 1.85 percent, down six basis points from 1.91 percent in a previous sale last month. The amount raised included 187.5 million euros in non-competitive bids.

The sale’s bid-to-cover ratio was 1.64, up from 1.36 in the Sept. 13 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 October 13. [Reuters]