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Greece Holds Profitable T-Bill Auction

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Greece auctioned off 2.925 billion euros worth of three and six-month Treasury bills today, in efforts to revamp two maturing concerns.

The Hellenic government continues to struggle, as it negotiates with international lenders, concerning reforms and frozen bailout funds. However, domestic financial purchasers have covered needed amounts, after international investors declined to roll over T-bills from Greece.

PDMA sold with a 2.97% yield, 1.625 billion euros worth of six-month T-bills, which remained unchanged from May's last sale. The bid-cover ratio held 1.30, which remained the same figure as last month. Today's totals incorporated non-competitive bids, worth 375 million euros. The T-bill auction's settlement date has been scheduled for June 12th.

Additionally, the Greek debt firm sold three-month T bills with a 2.70% yield, for 1.3 billion euros, with a 1.30 cover ratio. The nation has called on the IMF and its EU counterparts to grant a rise in the number of T-bills it can offer to alleviate its debt and cash issues; this has been met with resistance by the European Central Bank. The next scheduled rollover in Greece will take place on June 19th, when three-month T-bills mature, that are worth 1.6 billion euros.

(Source: Reuters)