Greece sold 4.38 billion euros ($5.67 billion) of one- and six-month treasury bills on Dec. 11 to roll over maturing issues that come due Dec. 14, its debt agency (PDMA) said. Some 2.762 billion euros of one-month T-bills priced to yield 3.99 percent and 1.625 billion of six-month paper were sold at 4.38 percent, three basis points below a previous sale in November.
The six-month auction’s bid-cover ratio was 1.54, down from 1.7 in the Nov. 6 sale. 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.
(Source: PDMA, Reuters)
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