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Greece to sell 1.25 bln 6-month T-bills on July 12.

Greece will auction 1.25 bln euros ($1.78 billion) of six-month T-bills on Tuesday, July 12 to refinance maturing short-term debt, its debt agency PDMA said on Friday.

Monthly T-bill sales are Greece's sole remaining route to market funding. Last month, its debt agency sold 1.625 bln euros of six-month paper yielding 4.96%, eight basis points more than at a sale in May.

Foreign investors bought about 37% of the issue.

PDMA needs to roll over 2.4 bln euros of six-month paper maturing on July 15 and another 2 bln euros of three-month T-bills on July 22. An auction of three-month T-bills will be held on July 19.

PDMA said the settlement date for the 26-week T-bill auction will be July 15. Only primary dealers will be allowed to participate and no commission will be paid.

The agency said non-competitive bids of up to 30% of the auctioned amount may be submitted during the auction. Additionally, non-competitive bids up to another 30% of the auctioned amount may be submitted until July 14.

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Publication:Financial Mirror (Cyprus)
Geographic Code:4EUGR
Date:Jul 8, 2011
Words:190
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