Greek Bill-Sale Demand Slumps as Nation Seeks New Debt Deal
Yanis Varoufakis, Greece's finance minister during the handover ceremony in Athens, Greece, on Jan. 28, 2015
Yorgos Karahalis/Bloomberg *** Yanis VaroufakisThis article is for subscribers only.
Demand for Greece’s Treasury bills slumped to a more-than eight-year low at a sale Wednesday as the government struggled to strike a new bailout deal and avert a funding shortage.
The nation sold 812.5 million euros ($929 million) of six-month bills, with an average yield of 2.75 percent, the Athens-based Public Debt Management Agency said. The bid-to-cover ratio, which gauges demand by comparing total bids with the amount of securities allotted, fell to 1.3, the least since July 2006. Greece has 947 million euros of debt coming due on Feb. 6.