Steady yield in successful six-month T-bill rollover
Greece sold 813 million euros of sixmonth treasury bills yesterday to refinance a maturing issue, keeping its public finances afloat as it negotiates with its international creditors on a new bailout. With 1 billion euros of six-month paper maturing tomorrow, the Public Debt Management Agency (PDMA) sold the new paper at a yield of 2.97 percent, unchanged from a previous sale last month. In the rollover, T-bill holders – mostly banks – renew their positions instead of getting paid on the maturing paper they hold. The sale’s bid-cover ratio was 1.30, unchanged from the last sale. The amount raised included 187.5 million euros in non-competitive bids. The settlement date will be tomorrow. Athens will have to roll over another 1.4 billion euros of three-month Tbills maturing on August 14.
Potidea Palace. After months of negotiations, the four-star hotel unit Potidea Palace at Halkidiki in central Macedonia has been bought out by Russian-owned Portes Melathron SA, Kathimerini understands. Previously owned by the Mouzenidis Group, Potidea Palace has 232 rooms and suites and is located in Nea Potidea.