Greece to auction €300 mln 13-week T-bills Nov 16

Greece will auction 300 mln euros of 13-week T-bills on November 16, continuing its strategy of monthly short-term debt sales, the country's debt agency (PDMA) said on Friday.
PDMA, which faces no rollover need in November, is borrowing smaller amounts this month after the spike in yield spreads in the euro zone's so-called periphery, brought about by rising sovereign creditworthiness concerns.
On Friday, the difference in yield between 10-year Greek government paper and similar duration German bunds was around 916 basis points.
Greece switched to monthly issues of short-term government paper from quarterly sales in September, seeking to improve cash management as it struggles to emerge from its debt crisis.
Successful issues of short-term debt could set the stage for Athens to become a more active issuer again after fears of it defaulting on its burgeoning debt effectively shut it out from the market.
Greece faces a small rollover next month as 480 mln euros of three-month paper matures on December 24. It sold 1.17 bln euros of three-month T-bills at an average yield of 3.75% on October 19, down 23 basis points from 3.98% in a September sale.
PDMA said the settlement date for the 13-week T-bill auction will be November 19. Only primary dealers will be allowed to participate and no commission will be paid.
It said non-competitive bids of up to 30% of the auctioned amount may be submitted during the auction. Additionally, non-competitive bids up to another 30% of the auctioned amount may be submitted until November 18.