Bulgarian Euro-Bond Issue 3 Times Oversubscribed

Bulgaria's successful issue of Euro-bonds was almost three times oversubscribed by eager investors, according to the Finance Ministry. File photo

The Euro-bonds issue made by the Bulgarian government has been three times over-subscribed, according to a Ministry of Finance statement on Monday.

"The results of the auction correspond to favorable changes occurring in the market environment. As a direct consequence of ongoing government policy, government bonds are becoming an increasingly attractive investment," said Deputy Finance Minister Anna Mikhailova, describing the auction result as "extremely positive" for sector management of public debt.

Government securities made available on Monday were for a maturity period of two and a half years, with the intention of raising EUR 25 M.

The auction achieved an average profit yield of 3,43%, while demand from the investment community exceeded availability by a factor of 2,84, or almost 3 times.