The Finance Ministry on Tuesday issued EUR 1.5 billion worth of new treasury bonds, half a billion more than planned, most of which will be used to re-schedule due debts.
Banks and other financial institutions were offered one billion euro worth of treasury notes, and they submitted bids worth EUR 1.65 billion, the ministry reported.
A majority of bids were accepted, so a total of EUR 1.5 billion worth of treasury bonds were issued for a period of 455 days, with an average interest rate of 0.7%.
Most of the funds will be used to refinance debts due for payment.
In February last year, the ministry issued EUR 1.23 billion worth of treasury bonds that mature on 11 August 2016, at an average interest rate of 1.95%.
With the latest bond issue, the total bond debt has increased by 274.6 million euros to 1.5 billion euros.