Greece sells 1.625 bln euros of 3-month T-bills, yield drops

Reuters

ATHENS, Oct 15 (Reuters) - Greece sold 1.625 billion euros($2.21 billion) of three-month treasury bills on Tuesday to rollover a maturing issue, the country's debt agency PDMA said.

The T-bills were priced to yield 3.95 percent, down from4.02 percent in a September auction. The sale's bid-cover ratiowas 1.89, down from 1.94 in the previous sale.

The amount raised included 375 million euros innon-competitive bids. The settlement date for Tuesday's auctionwill be Oct 18.

Greece lost access to bond markets three years ago, when itsdebt crisis erupted, and monthly T-bill sales are its soleremaining source of market funding.

Athens has a stock of about 15 billion euros of T-bills,which it regularly refinances with the help of Greek banks whichbuy and then deposit them as collateral to draw liquidity fromthe ECB.

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