February 11, 2014 / 10:21 AM / 4 years ago

Greece sells 1.3 bln euros of 3-month T-bills, yield eases

ATHENS, Feb 11 (Reuters) - Greece sold 1.3 billion euros ($1.77 billion) of three-month treasury bills on Tuesday to roll over a maturing issue, the country’s debt agency PDMA said.

The T-bills were priced to yield 3.60 percent, down from 3.75 percent in a January auction. The sale’s bid-cover ratio was 2.38, up from 2.05 in the previous sale.

The amount raised included 300 million euros in non-competitive bids. The settlement date for Tuesday’s auction will be February 14.

Greece lost access to bond markets three years ago, when its debt crisis erupted and monthly T-bill sales are its sole remaining source of market funding.

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 ECB.

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