[Reuters] UPDATE 1-Greece to auction 625 mln eur T-bills Feb 10
* Debt agency to sell 6-month bills
* Needs to roll over 1 bln of maturing paer on Feb. 10
* Yield at Jan. 10 sale was 4.90 pct
ATHENS, Feb 3 (Reuters) - Greece will auction 625
million euros ($822 million) of 26-week T-bills next Tuesday to
help fund the rollover of a 1 billion euro issue that matures on
Feb. 10, its debt agency PDMA said on Friday.
Monthly T-bill sales are Greece's sole remaining source of
market funding. Last month, PDMA sold 1.625 billion euros of
six-month paper, priced to yield 4.90 percent. The sale's
bid-cover ratio was 2.80.
Greek banks traditionally buy the bulk of the T-bill issues,
meaning funding costs do not fully reflect market strains.
Athens needs funding from its international lenders to
refinance 14.5 billion euros of maturing bonds on March 20 and
is at risk of a messy default if there is no agreement with its
euro zone partners and the IMF on the terms of a new bailout
plan.
PDMA said the settlement date for Tuesday's T-bill sale will
be Feb. 10. Only primary dealers will be allowed to participate
and no commission will be paid.
The agency said non-competitive bids of up to 30 percent of
the auctioned amount may be submitted during the auction.
Non-competitive bids up to another 30 percent may also be
submitted by Feb. 9.
For further details click on <GR/PDMA04>.
(Reporting by George Georgiopoulos)
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Keywords: GREECE TBILLS/