Greece successfully rolls over six-month T-bills at auction

Cash-strapped Greece sold 1.138 billion euros ($1.24 billion) of six-month Treasury bills on Wednesday, successfully covering the entire amount it sought to raise in the first of two auctions this month testing its ability to find funds.

With Greece weeks away from running out of cash, there had been doubts about whether it would find funds to cover any gap from foreign investors choosing not to participate in refinancing the maturing issue.

The paper was sold at a yield of 2.97 percent, unchanged from a previous sale in March, the country’s debt agency PDMA said.

The sale’s bid-cover ratio was 1.30, unchanged from March, showing no deterioration in demand despite tight liquidity conditions.

The amount raised included 263 million euros in non-competitive bids. The settlement date for Wednesday’s auction will be April 14. [Reuters]