Greece sells 6-month T-bills, yield drops to 2.30pc

ATHENS: Greece sold 1.138 billion euros ($1.32 billion) of six-month T-bills on Wednesday to refinance a maturing issue, the country's debt agency PDMA said.

The paper was sold at a yield of 2.30 percent, down five basis points from a previous sale in early October. The amount raised included 262.5 million euros in non-competitive bids.

The sale's bid-to-cover ratio was 1.74, up from 1.44 in the previous auction.

In a rollover T-bill holders renew their positions instead of getting paid on the maturing paper they hold. The settlement date of the new bills is November 3.