Greece to auction 875mn euros of three-month T-bills on May 9

ATHENS: Greece will sell 875 million euros ($1.23 billion) of three-month treasury bills on May 9 to refinance a maturing issue, debt agency PDMA said on Friday.

Athens rolled over three-month T-bills last month, with the paper priced to yield 0.79 percent. 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 T-bills will be May 11. Only primary dealers will be allowed to participate and no commission is to be paid.

Primary dealers can submit non-competitive bids for up to an additional 30 percent of the auctioned amount until March 10, PDMA said.