December 29, 2016 / 9:33 AM / 7 months ago

Denmark sells 3.7 bln DKK worth of t-bills at auction

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COPENHAGEN, Dec 29 (Reuters) - Denmark's central bank sold 3.70 billion Danish crowns ($520.4 million) worth of Treasury bills at an auction on Thursday after receiving bids worth 4.40 billion crowns.

The cut-off rate was -0.77 percent for the bills that mature in March 2017 and -0.67 percent for bills maturing in June 2017.

The central bank has at times used T-bill auctions as one tool to control the exchange rate of the Danish crown, which is pegged to the euro, by declining bids when it has deemed the currency too strong.

$1 = 7.1098 Danish crowns Reporting by Teis Jensen

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