Finance Ministry Reopens 10.5-Year Issue of BGN-Denominated Govt Securities

Bulgaria’s Finance Ministry reopened the 10.5 year issue of Government Securities (GS) issued on 15 January 2014 with maturity 15 July 2024.

The issue is a reference one in terms of the harmonized long-term interest rate as regards the assessment of the convergence level which is part of the Maastricht criteria in 2014, according to a media statement of the Finance Ministry.

At the auction held on October 20, 2014 securities to the amount of BGN 55 million were placed and the annual weighted average yield achieved is 3.50%.

The total amount subscribed reached BGN 78.40 million which corresponds to a coverage coefficient of 1.43.

 The biggest amount of GS at the auction was acquired by banks - 61.91%, followed by pension funds - 23.64%, insurance companies - 12.00% and guarantee funds - 2.45%.

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