Greece sold debt to private investors for the first time in three years Tuesday, a significant step toward gaining financial independence and exiting its third international bailout next year.

Athens says Tuesday's sale of a new five-year bond is a test run to ensure Greece can rely on market funding next year.

The deal did not attract as much demand as the country's brief foray into markets in 2014, but Athens looked to have paid less to borrow the same amount, 3 billion euros (almost $3.5 billion).

When Greece sold 3 billion euros of five-year bonds with a coupon of 4.75 percent in 2014, demand reached over 20 billion euros from 600 investors.

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