17.11.2014

The Ministry of Finance 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 respect of the harmonised long term interest rate to evaluate convergence level, part of the Maastricht criteria in 2014. At the auction held on 17 November 2014 GS to the amount of BGN 60 million have been placed and the annual average weighted yield achieved is 3.62% The participants showed strong interest and the total amount subscribed reached BGN 139.62 million, the coverage coefficient being 2.33.

The biggest amount of GS acquired banks - 60.55%, followed by pension funds - 33.33%, guarantee, trust and asset management funds - 5.50% and insurance companies - 0.62%.

The spread to the benchmark German Bunds in this segment is 285 b.p.