ATHENS Feb 12 Greece sold 1.3 billion euros
($1.74 billion) of three-month T-bills on Tuesday to roll over a
previous issue that comes due on Feb. 15, its debt agency (PDMA)
The T-bills were priced to yield 4.05 percent, two basis
points below a previous Jan. 15 auction. The sale's bid-cover
ratio was 1.76, up from 1.75 in the previous auction.
The amount raised included 300 million euros in
Greek banks traditionally buy the bulk of T-bill issues,
meaning funding costs do not fully reflect the strains from the
country's debt crisis. Banks can deposit the bills as collateral
with Greece's central bank to receive funding.
The finance ministry said retail investors can also
subscribe for the issue at banks and brokerages for amounts up
to 15,000 euros until Feb. 13, to buy T-bills at auction's
cut-off price of 98.987.
The interest income on the T-bills will be tax-free if
retail investors hold them until maturity.