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.
The Ministry of Finance successfully placed a one-year BGN-denominated discount Government Securities (GS) with maturity 10.09.2015.
At the auction held on 08.09.2014 the annual average weighted yield achieved on the approved orders is 0.78% and the spread to the benchmark German Bunds is 0.86%, according to a media statement of Bulgaria's Finance Ministry.
The GS issued are short-term and no interest coupon is paid thereon. The yield for investors is formed based on the discount of the nominal value when acquired.
The average price at which the participants purchased the GS is BGN 99.22 for BGN 100 nominal.
The proposed and approved volume of the issue was BGN 300 million, the subscription amounted to BGN 694 million, the coverage coefficient being 2.31.
The proceeds are earmarked for refinancing the one-year GS issue of the same amount paid on 4 September 2014.
The investor distribution is identical to that of the previous year; banks acquired 70% of the GS, pension funds - 16.89%, insurance companies - 7.56% and contractual funds - 5.55%.
The yield achieved at the auction is below the market yield on bonds denominated in national currency with residual maturity of one year of the following countries: Hungary (1.32%), Greece (1.44%), Poland (1.97%), Romania (2.10%), Croatia (2.15%), Serbia (8%) and Turkey (8.47%).
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