Bulgaria: Finance Ministry Ready with Budget Update
Bulgarian Finance Ministry is ready with a draft budget update, which will be submitted when a working parliament is formed.
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Bulgaria's Finance Ministry reopened the 10.5 year issue of Government Securities (GS) issued on January 15, 2014 with maturity July 15, 2024.
The issue is a reference one in respect of the harmonized long term interest rate to evaluate convergence level, part of the Maastricht criteria in 2014, according to the press office of the Finance Ministry.
At the auction held on September 15, 2014 GS to the amount of BGN 60 M were placed, the annual average weighted yield achieved is 3.12%, which is historically the lowest value in this maturity segment.
The participants showed strong interest and the total amount subscribed reached BGN 115.75 M, the coverage coefficient being 1.93. The biggest amount of GS acquired banks - 51.67%, followed by insurance companies - 25.25% and pension funds - 23.08%.
The yield achieved is below that on bonds denominated in national currency of a number of EU Member States and countries from the region: Poland (3.22%), Portugal (3.24%), Romania (4.52%), Hungary (4.90%), Greece (5.69%) and Turkey (9.15%).
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