Financial Times
June 14, 2011
Greece held a successful auction of six-month treasury bills on Tuesday, as European finance ministers prepared to hold an emergency meeting in Brussels in an effort to narrow differences over a €172bn ($247bn) rescue package for Athens.
The auction, which raised €1.625bn at a yield of 4.96 per cent, eight basis points higher than at the previous month’s auction, came a day after a sovereign downgrade by Standard and Poor’s that left Greece’s credit rating only three notches above default.
The bid to cover ratio, a measure of investor demand relative to the amount of debt on sale, fell from 3.58 in May to 2.58.
“There was respectable participation . . . investor interest in short-term Greek paper remains unabated,” said Petros Christodoulou, the country’s debt manager.
Foreign investors bought 37 per cent of the issue, compared with 34 per cent the previous month, he said.
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