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 Ministry of Finance reopened for the 4th time this year the 5 year issue of Government Securities (GS) with nominal value BGN 55 million, issued on 22 January 2014 and with maturity 22 January 2019.
At the auction held on 06.10.2014 the annual average weighted yield achieved on the approved orders is 2.42% and the spread to the benchmark German Bunds is 2.26%. The subscription amounted to BGN 69.2 million, the coverage coefficient being 1.26.
The biggest amount of GS acquired banks - 80.09%, followed by pension funds - 10.91%.
The yield achieved at the auction is below the market yield on bonds denominated in national currency with similar residual maturity of the following countries: Romania (3.41%), Croatia (3.59%), Hungary (3.61%), Greece (4.66%) and Turkey (9.41%).
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