02.12.2014

The Ministry of Finance has offered successfully 1-year discount government securities (GS) with nominal value of EUR 400 million maturing on 3 December 2015. At the auction held on 1 December 2014 the annual average weighted yield achieved is 0.84%, while the spread to the benchmark German Bunds is 0.92%. The issued GS are short-term and no coupon is paid thereunder. Investor yield is formed on the basis of the nominal value discount upon their acquisition. The average price at which bidders purchased the securities is 99.16 per EUR 100 of face value. The subscription volume amounted to almost EUR 1,230 million, which corresponds to a bid-to-cover ratio of 3.07.

The auction's investor allocation is as follows: banks acquire 69.70% of securities, pension funds 21.79%, insurance companies 4.15%, contractual funds and asset management funds 3.19% and other investors - 1.17%.