Gov't to Seek BGN 300 M from Internal Market

Bulgaria's Finance Ministry is to place BGN 300 M worth of securities on the domestic market next week, the Bulgarian National Bank (BNB) has announced on its website.

The auction is dated September 8, or next Monday.

According to the statement, the maximum quantity of government securities which a participant may acquire with competitive bids is 50 % of the quantity earmarked for sale through competitive bids.

The ratio of government securities offered for competitive and noncompetitive bids is 70 %:30%.

No specific reason has been given for the one-year bond issuance, even though cabinets usually take the step to secure payments on previous liabilities on which they cannot deliver due to gaps in the treasury.

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