Greece sells
1.625 bln euros of 6-month T-bills
Greece sold 1.625 billion euros ($2.00 billion) of six-month T-bills on
Tuesday, with the yield slightly falling from a previous auction in June.
The sale's bid-cover ratio was 2.16, up from 2.14 in the June 12 auction.
Greece paid a yield of 4.70 percent, three basis points below the previous
auction, the debt agency said.
Monthly T-bill sales are Greece's sole source of market funding. Greek banks
and social security funds traditionally buy the bulk of the T-bill issues,
meaning funding costs do not fully reflect strains from the country's debt
crisis.
Greece's second EU/IMF bailout plan approved earlier this year hopes to
reduce the country's reliance on T-bills.
Tuesday's auction will fund the rollover of a previous 2 billion euro issue
that comes due on July 13. [Reuters] |
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