Greece Sells 1.3 Bln Euro in 6-Mo T-bills, Yield Falls

Greece Sells 1.3 Bln Euro in 6-Mo T-bills, Yield Falls

Greece sold six-month treasury bills worth 1.3 billion euro ($1.8 billion) on Tuesday to roll over a maturing issue at the lowest funding cost since January 2010, Reuters reported.

The yield on the T-bills fell to 2.70% from 3.01% in an April auction, Reuters reported, quoting data of the country's debt agency, PDMA. The sale's bid-cover ratio was 2.65, down from 3.10 in the previous auction.

The amount raised included 300 million euro in non-competitive bids. The settlement date for Tuesday's auction will be May 9.

Athens has a stock of about 15 billion euro of T-bills, which it regularly refinances with the help of Greek banks which buy and then deposit them as collateral to draw liquidity from the European Central Bank.

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