April 8, 2014 / 9:36 AM / 4 years ago

Greece sells 1.3 bln euros of 6-month T-bills, yield falls

ATHENS, April 8 (Reuters) - Greece sold 1.3 billion euros ($1.79 billion) of six-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 3.01 percent, down from 3.60 percent in a March auction. The sale’s bid-cover ratio was 3.10, up from 2.31 in the previous sale.

The amount raised included 300 million euros in non-competitive bids. The settlement date for Tuesday’s auction will be April 11.

Monthly T-bill sales are Greece’s 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. ($1 = 0.7277 Euros) (Reporting by George Georgiopoulos)

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