Greece Sells 1.625 Bln Euro of 3-month T-bills, Yield Drops

Greece Sells 1.625 Bln Euro of 3-month T-bills, Yield Drops

Greece sold 1.625 billion euro ($2.21 billion) of three-month treasury bills to roll over a maturing issue, Reuters reported, quoting the country's debt agency PDMA.
The T-bills were priced to yield 3.95%, down from 4.02% in a September auction. The sale's bid-cover ratio was 1.89, down from 1.94 in the previous sale.
The amount raised included 375 million euro in non-competitive bids. 
Athens has a stock of about 15 billion euros 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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