Bulgaria Cancels BGN 400M Debt Issue
Bulgaria’s Finance Ministry has cancelled a BGN 400M debt issue because the government budget is expected to show a surplus for the month of January for the first time since 2009.
The ministry said in a statement on Tuesday that an auction of three-month government securities scheduled for 9 February 2015 had been cancelled.
On Monday, the Finance Ministry said it expected a budget surplus of BGN 85 for the month of January equivalent to 0.1% of the Gross Domestic Product planned for the year.
Also on Monday, the ministry placed BGN 50M in five-year government bonds at an average weighted yield of 1% as the issue was 3.2 times oversubscribed. The spread to benchmark German Bunds in this segment is 105 basis points.
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