T-bill yield drops.
Greece sold 1.138 billion euros of three-month Tbills yesterday to refinance maturing issues, the country’s debt agency PDMA said. The three-month paper was sold at a yield of 1.95 percent, down from 2.33 in a previous sale last month. The amount raised included 262.5 million euros in noncompetitive bids. The sale’s bid-tocover ratio was 2.17, up from 1.85 in the previous sale. 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 August 11.