Greek Government Sells 3-month T-bills at Reduced Yield

The government sold 1.138 billion euros ($1.34 billion) of three-month Treasury bills on Wednesday to refinance maturing issues, the country’s debt agency PDMA announced.

The three-month paper was sold at a yield of 1.95%, down from 2.33% in a previous sale last month. The amount raised included 262.5 million euros in non-competitive bids.

The sale’s bid-to-cover ratio was 2.17, up from 1.85 in the previous sale.

In a rollover T-bill holders renew their positions instead of getting paid on the maturing paper they hold. The settlement date of the new bills is August 11.