Bulgaria Reopens 7-Year EUR-Denominated Bonds Sale

Bulgaria's Ministry of Finance has reopened for the third time Monday the sale of 7-year EUR denominated sovereign bonds.

The bonds, having a maturity on January 16, 2020, have sold in a total volume amounting to EUR 59.18 M, almost triple the initially offered amount of EUR 20 M.

For the third issue, the by far largest part of the sale has been acquired by banks (88.85%), followed by retirement funds (9.15%) and insurance companies (2%).

The average yearly interest rate from the auction is 2.82%, which is seen by the Ministry of Finances as more profitable than that from comparable sales.

According to the Ministry, the stable interest for Bulgarian sovereign bonds is indicative of the trust of the investment community.