Greece rolls over 3-month T-bills, yield steady
Greece sold 1.14 billion euros ($1.26 billion) of three-month T-bills on Wednesday to refinance a maturing issue, keeping its public finances afloat as parliament is expected to convene this week to vote on a new international bailout.
With 1.4 billion euros of six-month paper maturing on August 14, debt agency PDMA sold the new paper at a yield of 2.70 percent, unchanged from a previous sale last month.
In the rollover, T-bill holders – mostly banks – renew their positions instead of getting paid on the maturing paper they hold.
The sale's bid-cover ratio was 1.30, unchanged from the last sale. The amount raised included 262.5 million euros in non-competitive bids. Settlement will be on August 14.
[Reuters]
