08.09.2015

The Ministry of Finance reopened a 3-year issue of Government Securities (GS) with maturity 28 January 2018 rousing high interest by participants. Securities with nominal value of BGN 150 million were offered at the auction held on 7 September 2015 and the subscription totalled BGN 323 million, the bid-to-cover ratio being 2.15. The annual average weighted yield achieved was 0.49%. For comparison, the yield achieved at the previous auction on 25 May 2015 for the same issue was 0.68%.

The spread to the benchmark German Bunds in this segment is 66 b.p.

Banks acquired the biggest amount of GS at the auction, i.e. 75.50%, followed by pension funds with 8.67%, guarantee and contractual funds with 7.17%, other investors with 4.66% and insurance companies with 4.00%.