Ministry of Finance

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THE MINISTRY OF FINANCE REOPENED A 5-YEAR BGN DENOMINATED GOVERNMENT SECURITIES ISSUE

22.10.2013

The Ministry of Finance reopened for the 6^th time a 5-year BGN denominated benchmark Government Securities (GS) issue with maturity 23 January 2018. At the auction held on 21 October 2013 GS to the amount of BGN 50 million were offered and approved. The yield achieved for the amount is 2.03%, which is lower compared to the previous two auctions: 2.35% on 16 September 2013 and 2.38% on 12 August 2013. GS primary dealers subscribed BGN 109.2 million, the coverage coefficient being 2.18. After the auction the issue totals BGN 330 million.

Banks acquired the largest amount of GS at the auction - 62.60%, followed by insurance companies - 14.00%, guarantee and contractual funds - 9.80%, pension funds - 9.60% and investment intermediaries - 4.00%.

The yield achieved at the auction is lower than that on bonds with similar maturity of a number of countries such as Turkey (7.92%), Portugal (5.26%), Slovenia (4.98%), Hungary (4.56%), Croatia (4.20%), Poland (3.52%), Romania (3.39%), Spain (2.71%), Italy (2.59%), Ireland (2.50%) and others.