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 last time in 2014 the 10.5-year issue of Government Securities (GS) issued on 15 January 2014 and maturing on 15 July 2024.
The issue is a reference one in respect of the harmonised long-term interest rate to evaluate the convergence level as part of the 2014 Maastricht criteria, according to a media statement of the Finance Ministry.
The auction held on December 8, 2014 is the last one for the 2014 year of issuance. Securities to the amount of EUR 55 million were offered at it, with the annual average weighted yield being 2.90%, i.e. the lowest historical value in this segment.
The total amount subscribed reached BGN 102.52 million, which corresponds to a bid-to-cover ratio of 1.84. The spread to the German Bunds in this segment is 215 basis points.
The biggest amount of GS was acquired by pension funds - 58.96%, followed by banks - 26.36% and contractual and guarantee funds - 14.68 per cent.
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