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.
Bulgaria’s Ministry of Finance launched a new 10-year BGN-denominated government securities (GS) issue with maturity April 22, 2025.
At the auction held on April 20, GS to the amount of BGN 50 million were placed, with the average weighted yield being 2,04%, according to the press office of the Finance Ministry.
The subscription totaled BGN 122.10 million, the bid-to-cover ratio being 2.44.
The spread to the benchmark German Bunds in this segment is 197 b.p.
The issue is a benchmark one in respect of the harmonized long term interest rate to evaluate convergence level, part of the Maastricht criteria.
The participants showed strong interest both in the amount offered for competition orders sale and in the portion of non-competition orders sale determined for allocation among investors.
Banks acquired the biggest amount of GS at the auction, at 74.40%, followed by pension funds with 18.60% and guarantee and contractual funds with 7.00%.
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