Greece rolls over 3-month T-bills, yield drops

Greece sold 1.3 billion euros of three-month treasury bills to refinance a maturing issue, the country’s debt agency PDMA said on Wednesday.

It sold the new paper at a yield of 1.60 percent, down from 1.75 percent in a previous sale this month. The amount raised included 300 million euros in non-competitive bids.

In a rollover, T-bill holders renew their positions instead of getting paid on the maturing paper they hold.

The sale’s bid-to-cover ratio was 1.87, up from 1.72 in the previous auction. Settlement date is Dec. 15. [Reuters]